SUSI Partners, through the SUSI Energy Transition Fund (SETF), has successfully expanded the scope of its Italian solar PV development platform ReFeel New Energy (RNE) to include the development of battery energy storage systems (BESS) and currently has more than 750 MW of BESS capacity under development, the Swiss fund manager said.
SUSI Partners said RNE had outpaced its initial targets, and of the 750 MW of BESS capacity under development, 200 MW is awaiting final authorisation to then move into construction.
RNE, which was set up in early 2022 as a solar PV development platform within SETF, but based on the strong growth of the broader RNE team and the “on-target progress” of the solar PV business – with currently over 375 MW under development – SUSI and RNE decided to expand into the emerging Italian battery storage market and now holds what it describes as “one of the most advanced BESS project portfolios in Italy”.
SUSI Partners said that, based on Italian renewables targets formulated as part of the European Union’s RePowerEU plan, which envision more than doubling renewables capacity to 131 GW by 2030, almost 20 GW storage capacity will have to be brought online over the next six years. “With a supportive regulatory framework opening up revenue opportunities through capacity markets, price arbitrage, and the provision of ancillary services, Italy is deemed a highly attractive market for the greenfield development of BESS,” a SUSI Partners statement said.