Bess Power Corp. acquires 400 MW project in Texas to develop stand-alone battery energy storage system. Pipeline reaches 600 MW.

Read the press release in PDF format here (in Italian)

BESS POWER CORP. ACQUIRES 400 MW PROJECT IN TEXAS TO DEVELOP STAND-ALONE BATTERY ENERGY STORAGE SYSTEM. PIPELINE REACHES 600 MW

Milan, Jan. 11, 2023

Redelfi S.p.A. (“Redelfi”) – a management company committed to the digital and green transition – and Altea Green Power S.p.A. (“AGP”) – active in the development and implementation of initiatives in the renewable energy and energy efficiency sector – both listed on the Euronext Growth Milan market, announce that their U.S.-registered subsidiary BESS Power Corporation (“BESS Power”) has finalized the purchase of a stand-alone battery energy storage system project (the “Lund Storage Project”) through the acquisition of 100% of the share capital of the related U.S.-registered special purpose vehicle Lund Storage Center 1 LLC.

BESS Power – a 65% subsidiary of RAL Green Energy Corporation, which in turn is equally controlled by Redelfi and AGP, according to the announcement last Dec. 15, 2022 – purchased the Lund Storage Project from U.S.-based developer Aelius Solar Corp. for a price of USD 500,000, plus an earn-out of USD 20,000/MW authorized, which will be paid upon the sale of the same project to third-party investors. The Lund Storage Project, in its most advanced stage of development, augments BESS Power’s current pipeline, which includes an additional 200 MW under preliminary development. Under this contract, BESS Power will hold preliminary projects of approximately 600 MW out of a total planned pipeline of 1.4 GW.

Davide Sommariva, Chairman of Redelfi‘s Board of Directors commented, “The acquisition of the Lund Storage project is an important step forward for BESS Power, which is expanding its pipeline both directly through dense origination work and through acquisition of early-stage projects, in line with the ambitious development program presented to the market.”

Giovanni Di Pascale, Chairman of the Board of Directors of AGP commented, “With this acquisition, Altea Green Power’s growth in the U.S. market continues and becomes more concrete. In fact, thanks to the JV with Redelfi in BESS Power, an important joint development plan is planned in the US for large capacity storage plants with a total capacity of 1.4 GW.”

This press release is available on the website www.redelfi.com, Investor Relations > Press Releases section, on the website www.alteagreenpower.it, Investor Relations > Financial Press Releases section, and at www.1info.it.

Redelfi is the parent company of the Redelfi Group active in the digital and green transition through three Business Units operating in the Green, MarTech and GreenTech sectors. Each Business Unit adopts a highly innovative approach in defining products, services, and processes with a strong focus on compliance with ESG principles in business management. In the 2021 fiscal year, the Group achieved a Production Value of EUR 1.2 million and a Net Income of EUR 3.5 million, the latter as a result of extraordinary transactions. Its Net Financial Position was cash positive by EUR 0.1 million and Shareholders’ Equity is EUR 5.36million. In 2021, the Group made investments of approximately EUR 4.5 million.

Altea Green Power: Altea Green Power is a company active in the development and construction of plants for the production of energy while respecting the environment and as a “service integrator,” addressing its capabilities to individuals, companies, entities and investors who want complete assistance during all phases of implementation and management for a wide range of plant types, particularly in the photovoltaic, wind, cogeneration, biomass, storage and energy efficiency sectors, thus contributing to the reduction of pollution. Founded in 2008 by Giovanni Di Pascale, under the name Altea Energia, in October 2021 it changed its name to Altea Green Power and today can boast the turnkey supply of numerous photovoltaic and wind power plants throughout Italy, the development and sale of projects for as many MW for co-investment, and current developments in wind and biomass being finalized. In fact, it has contracted 800 MW in Co-development with some of the world’s largest players. As of February 1, 2022, it is listed on the Euronext Growth Milan market of Borsa Italiana.

***

Contacts:

Bess Power Corp. acquires 400 MW project in Texas to develop stand-alone battery energy storage system. Pipeline reaches 600 MW.

Previous PostBESS Power Corp. acquires a 400 MW project for the development of Battery Energy Storage Systems stand-alone. The pipeline reaches 600 MW of total capacity.

Next PostRedelfi Appoints New Specialist Operator

Menu

Normative