Renewable Power Capital (RPC), a London-based renewables company, has announced its entry into the Italian market through a partnership with local firm Altea Green Power. The collaboration aims to develop over 1 GW of battery energy storage (BESS) projects in Italy.
The co-development partnership between RPC and Altea Green Power will focus on achieving a ready-to-build status for a 1.1-GW pipeline of nine projects across Italy within the next two to four years. The companies may also explore opportunities to expand the partnership into larger capacity projects or other technologies.
RPC's CEO, Kevin Devlin, highlighted the timing of their entry into the Italian storage market, citing the country's progressing regulatory landscape and significant growth potential.
The collaboration with Altea Green Power increases RPC's overall European storage pipeline to more than 5.5 GW. This move follows RPC's recent investments in two ready-to-build BESS projects—a 50-MW project in Finland and a 57-MW scheme in the UK.
As part of the agreement, special purpose companies, along with projects already under Altea's ownership, have been transferred to RPC, along with long-term co-development activities. The transaction is valued at over EUR 68 million (USD 73.5m), with a potential additional fee of up to EUR 15 million based on agreed performance metrics.
Altea Green Power, established in 2008, is currently developing over 1.5 GW of solar and wind projects and around 5.5 GW of BESS projects. In November, the company began construction on a 1-GW BESS project in Italy as part of its strategy to achieve 5.5 GW of installed storage capacity by 2026.
