KGAL ESPF 5 has entered into partnership with IMCS to jointly develop four battery energy storage systems (BESS) with 1100MW capacity in Europe.
The renewable energy fund has entered into a joint venture with the Italian power specialist in Italy. The duo plans to develop four BESS assets, with a total capacity of 1.1GW.
“The joint venture offers the opportunity to develop the projects at an early stage and sell them when they are at ready-to-build status,” the duo stated.
According to KGAL, the BESS technology contributes to the portfolio diversification of its Article 9 fund. The group has already worked together with the Italian companies on several PV projects.
“With its highly qualified interdisciplinary team, IMCS is the ideal joint venture partner for developing BESS projects efficiently and promptly through to approval,” KGAL co-chief executive André Zücker was quoted in a statement.
Meanwhile, chief executive at IMCS and leader of the group of developers that own IMCS Raffaello Giacchetti, remarked, “We are pleased to enter the emerging market for battery energy storage systems in Italy with our trusted partner KGAL at a strategically favourable time.”
The latest partnership comes at a time when Italy plans to “build new energy storage systems with a capacity of at least 15 gigawatts by 2030 to meet the targets of the national energy strategy.”
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