- Renewable Power Capital has signed a pact with local peer Altea Green Power to realise over 1 GW of battery energy storage.
- RPC said that the collaboration with Altea increases its overall European storage pipeline to more than 5.5 GW.
Renewable Power Capital (RPC) has announced that it has signed a pact with local Renewable firm Power Capital to realise over 1 GW of battery energy storage (BESS) projects in Italy.
The development partnership will seek a ready-to-build status for a 1.1-GW pipeline of nine national projects in the next two to four years. The parties may also expand the partnership to a bigger capacity and use other technologies.
CEO Kevin Devlin: “This is an opportune time to enter the Italian storage market through a development partnership, given the interesting progress in the regulatory landscape and its significant growth potential.”
RPC, backed by CPP Investments, said that the collaboration with Altea increases its overall European storage pipeline to more than 5.5 GW. This follows two recent ready-to-build BESS investments: the acquisition of a 50-MW project in Finland and a 57-MW scheme in the UK.
Under the agreement, the special purpose companies, the projects already in Altea’s possession, and the long-term co-development activities have been transferred to the North American investment fund. The transaction is valued at over EUR 68 million ($73.5 million), with an additional fee of up to EUR 15 million to be determined based on agreed performance metrics between the parties, the Italian firm said in a separate statement.