Renewable Power Capital (RPC) and Altea Green Power have announced a development partnership to build 1 gigawatt (GW) of battery energy storage systems (BESS) in Italy. The partnership aims to achieve ready-to-build status for the pipeline within the next 2 to 4 years, with potential for expansion beyond 1GW or into other technologies.
RPC, which already has a fast-growing European storage pipeline exceeding 5.5GW, views this partnership as an opportunity to enter the Italian storage market. The agreement underscores RPC's strategy to accelerate decarbonization across Europe.
Kevin Devlin, chief executive at RPC, expressed enthusiasm about the partnership, stating, “This deal once again reflects the strength of RPC's approach to flexibly working with strong partners. We see the Italian storage sector as a strategic priority and we're excited to be joining forces with such an experienced development partner as Altea Green Power.”
Altea Green Power's chief executive, Giovanni Di Pascale, also emphasized the significance of the partnership, noting, “Partnering with well-established international investors specializing in the renewable energy sector provides a strong impetus, prompting us to engage in ongoing dialogue and make significant improvements to our business practices.”
The development deal in Italy follows RPC's recent investments in ready-to-build BESS projects in Finland and the UK, highlighting RPC's commitment to expanding its presence in the European storage market.
Legal and technical advisors for RPC were Ashurst and Fichter, respectively, while DLA and Green Dealflow served as legal and transaction advisors, respectively, for Altea Green Power.
