UK-based pan-European renewables developer Renewable Power Capital (RPC) has formed a development partnership with Altea Green Power for 1GW of battery energy storage in Italy.
The collaboration marks the addition of a new jurisdiction to RPC’s European storage pipeline, which now exceeds 5.5GW.
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The partnership, which also involves local municipalities and stakeholders, is set to achieve ready-to-build status between 2025 and 2027.
The relationship has the potential to grow beyond the first 1GW or into other technologies.
The deal furthers RPC’s strategy to promote decarbonisation across Europe.
RPC CEO Kevin Devlin stated: “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. This deal once again reflects the strength of RPC’s approach to flexibly working with strong partners.
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By GlobalData“We see the Italian storage sector as a strategic priority and we are excited to be joining forces with such an experienced development partner as Altea Green Power.”
Altea Green Power CEO Giovanni Di Pascale stated: “I am very pleased with this co-development agreement, as it adds another piece to our BESS [battery energy storage system] projects and significantly enhances our overall power capacity. Partnering with well-established international investors specialising in the renewable energy sector provides a strong impetus, prompting us to engage in ongoing dialogue and make significant improvements to our business practices.
“Additionally, the development of alternative energy and storage facilities serves as an important boost to our growth and know-how. We look to the future with confidence: the high margins of these projects pave the way for us to achieve the ambitious operating and financial performance targets we have set and outlined in the five-year plan.”
RPC’s recent activities include ready-to-build BESS investments in Finland and the UK with capacities of 50MW and 57MW, respectively.
In December 2023, RPC also entered into a joint venture (JV) with Elmya Energy to develop 4GW of BESS and co-located solar photovoltaic assets in the UK, with Elmya contributing a 2.5GW pipeline.
Italy’s Ministry for Environment and Energy Security recently approved the 7SeasMed floating offshore wind project.
The project is headed by Copenhagen Offshore Partners (CIP) and is owned by a consortium of GreenIT, a JV between Plenitude, CDP Equity and CIP.
