E Energy Invest (EEI), the investment arm of the Strioga Family Foundation, has acquired a 49% stake in FFNEV BESS, a Spanish-based battery energy storage platform jointly developed with FF Ventures, in a move aimed at advancing a 2.4-gigawatt (GW) energy storage portfolio across Spain, Portugal, and Romania.
The strategic partnership will focus on developing greenfield battery energy storage system (BESS) projects to ready-to-build status across the three markets, with further expansion under consideration.
“This partnership with EEI marks an important step in accelerating the development of our BESS portfolio across Europe,” said Manuel Fernández de Castro, chief executive of FF Ventures. “By combining both parties’ technical expertise and know-how, as well as EEI’s investment capacity, we are well-positioned to bring these projects to life efficiently and sustainably.”
FF Ventures, a partner of Octopus Energy, will retain a 51% stake in the FFNEV BESS platform. The companies stated they are exploring additional project opportunities to grow the current pipeline and potentially expand into other European markets.
EEI chief executive Gediminas Uloza said the transaction aligns with the foundation’s broader mission to support the energy transition. “We are confident that the combination of our expertise in developing and financing renewable energy initiatives and the proven track record of FF Ventures will establish a strong foundation for long-term value creation,” he said.
Investment bank Finergreen acted as exclusive financial advisor to FF Ventures during the transaction. Legal advice was provided by López-Ibor Mayor Abogados for FF Ventures, while EEI was advised by Gómez-Acebo & Pombo and Romanian firm Stratulat Albulescu Attorneys.
The partnership underscores growing investor interest in large-scale battery storage as European countries scale up renewable energy capacity and grid flexibility solutions.
