Redelfi has signed a term sheet with Flash, part of investment fund WRM Group, for the formation of a joint venture focussed on the development of up to 2.8GW of standalone battery energy storage systems (BESS) in Italy over a period of three-years..
The agreement facilitates the establishment of a new company 51% owned by Redelfi, or a company controlled by it, and 49% owned by Flash, which will invest its resources in the development of the BESS projects.
The technical and operational development aspects of the BESS Projects will be handled entirely by Redelfi and governed by a development services agreement (DSA) to be signed between the new company and Redelfi. Redelfi therefore participates in the operation as developer of the projects.
The WRM Group will retain, for the entire three-year period, a right of preemption on the purchase of the developed BESS projects, under the aforementioned DSA, which can be exercised at market conditions and up to a maximum of 1 GW.
In addition, the agreement includes the evaluation of the possible use of sites owned by the WRM Group for the development of BESS projects.
â€œThis industrial-financial partnership allows Redelfi to officially enter the BESS Italian market through an ambitious development project,â€ a statement said.
Davide Sommariva, chairman of the board of directors of Redelfi, said:: â€œThe agreement with WRM Group lays the foundations for the creation of one of the most important Italian developers, the union of the different skills will allow us to gain a relevant share in the fast-growing market of energy transition.â€
Domenico Colapietro, CEO of Flash and director of WRM Groupâ€™s energy division, added: â€œThis strategic agreement with Redelfi allows us to join forces with a solid partner in the development of utility-scale electrochemical storage projects, fundamental both for the full exploitation of non-programmable renewable sources, such as solar and wind, and to offer stability services to the national grid.â€