ACL Energy forms Italian storage joint venture with BW ESS and Penso Power

February 14, 2024

Milan-based battery energy storage developer ACL Energy has formed a joint venture partnership with battery operator BW ESS and London-based battery storage developer, owner, and operator Penso Power.

This joint venture marks the entry of BW ESS and Penso Power into the Italian market – ACL Energy, BW ESS and Penso Power will become joint shareholders in three development stage projects with a total capacity of 395MW, with the partners jointly funding the development.

The projects are the  111MW project in Lombardia and the 97MW project in Puglia – which have been submitted to the Italian Ministry of Energy for approval – and the 187MW project in Piemonte, which will be submitted for approval later this year.

Italian transmission system operator Terna estimates that Italy will need around 27GW of energy storage capacity by 2033.

Nicola Locascio, managing partner of ACL Energy said: “We are proud to enter into this partnership with international players with such a successful track record in the energy storage industry such as Penso Power and BW ESS. This joint venture is a fundamental pillar in our medium-long term strategy and consolidates ACL’s ambition of becoming a leading player in the rapidly expanding energy storage business in Italy.”

Roberto Jimenez, executive director of BW ESS said: “This deal is another example of BW’s commitment to the energy transition and sustainable infrastructure. We look forward to working with Penso and ACL to deliver these three projects and leverage the best practices we have seen from similar investments in other markets.”

Richard Thwaites, CEO of Penso Power said: “Italy is a priority market for us and the combination of skillsets that this joint venture brings together positions us to take a leading role in Italian energy storage.  We have been working closely with BW ESS for several years and have benefitted from having them as a shareholder and project partner.  We regard the ACL team very highly and are delighted to formalise our partnership with them.”

ACL Energy was advised by the law firm Eversheds Sutherland.  BW ESS and Penso Power were advised by the law firm Bird & Bird.