Read the press release in PDF format here (in Italian)
REDELFI AND FLASH (WRM GROUP) SIGN AN AGREEMENT FOR THE DEVELOPMENT OF STAND-ALONE BATTERY ENERGY STORAGE SYSTEMS IN ITALY
AGREEMENT CALLS FOR THE DEVELOPMENT OF 2.8 GW IN THREE YEARS AND MARKS THE START OF REDELFI’S ACTIVITY AS A DEVELOPER IN THE ITALIAN BESS MARKET
Milan, Oct. 4, 2023
Redelfi S.p.A. (“Redelfi” or the “Company”) – a company at the head of the industrial group of the same name engaged in the development of innovative and sustainable infrastructures to facilitate the energy transition and listed on the Euronext Growth Milan segment of Borsa Italiana S.p.A. – announces that it has signed a term sheet with the company Flash S.r.l. (“Flash”), part of the WRM Group (“WRM Group”), concerning the creation of a joint venture for the development of stand-alone Battery Energy Storage Systems (“BESS Projects”) in Italy .
The agreement provides for the establishment of a special newco under Italian law (“NewCo”), by October, which will be 51% owned by Redelfi or its subsidiaries and 49% owned by Flash S.r.l., and which will invest its own resources in the development of BESS Projects with a target of 2.8 GW over a three-year period.
The technical-operational development activities of the BESS Projects will be handled entirely by Redelfi and governed by a Development Services Agreement (“DSA”) to be signed between NewCo and Redelfi within the year, which therefore participates in the transaction as a partner of Newco and developer of BESS Projects in Italy.
The WRM Group will retain, for the entire three-year period, a right of first refusal on the purchase of the BESS Projects developed under the aforementioned DSA, which can be exercised at market conditions and up to a maximum of 1 GW.
In addition, the agreement provides for the evaluation of the possible use of areas owned by the WRM Group to be used for the development of BESS Projects. This highly operational industrial-financial partnership allows Redelfi to officially enter the Italian BESS market through an ambitious development project, currently not reflected in the business plan presented last November. Redelfi will be responsible for updates to the estimates in the said plan and giving timely notice to the market.
The WRM Group is an independent investment fund specializing in Private Equity, Real Estate and Special Situations. The Group’s activities are concentrated in strategic event-driven and oriented investment, leverage buyouts, growth capital and distressed capital. The group operates in the industrial and energy sectors through its company Flash S.r.l. The joint venture with Redelfi marks WRM Group’s entry into the world of electrical infrastructure also with the intention of making investments with marked profitability in compliance with ESG principles and the goals of the UN 2030 Agenda.
Davide Sommariva, Chairman of the Board of Directors of Redelfi S.p.A. commented, “This agreement with the WRM Group lays the foundations for the creation of one of the most important Italian developers, the combination of our different skills will allow us to acquire a relevant share in the quickly growing market of the energy transition.”
Domenico Colapietro, CEO of Flash S.r.l. and Director of WRM Group’s Energy Division said, “This strategic agreement with Redelfi allows us to join forces with a solid partner in the development of utility-scale electrochemical storage projects, which are fundamental both for the full exploitation of non-programmable renewable sources, such as solar and wind, and for offering stability services to the national grid. The development and exploitation of renewable energy storage assets is one of the key factors for the growth of Flash, which intends to play an increasingly central role in Italy’s decarbonization and energy independence process.”
This press release is available on the website www.redelfi.com, Investor Relations > Press Releases section and at www.1info.it.
Redelfi is the parent company of the Redelfi Group active in the digital and green transition by taking a highly innovative approach to defining products, services and processes with a strong focus on adherence to ESG principles in business management. Following the 2023 half-year financial report, the Group achieved a Production Value of EUR 4.2 million and Net Income of EUR1.4 million. The Net Financial Position amounted to EUR 3 million and the Shareholders’ Equity amounted to EUR 11 million.
Contacts:
ISSUER
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
INVESTOR & FINANCIAL MEDIA RELATIONS
IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milano
IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milano
EURONEXT GROWTH ADVISOR & SPECIALIST
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milano
