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REDELIO RENEWABLES LLC APPROVES $20 MILLION BUDGET FOR NEXT FOUR YEARS
REDELIO HAS ALREADY ACQUIRED THE FIRST FIVE PROJECTS TOTALING ABOUT 920 MW. REDELFI PLEDGES FIRST 5 MILLION EARMARKED FOR DEVELOPMENT OF PROJECTS IN PIPELINE
Milan, July 11, 2024
Redelfi S.p.A. (“Redelfi” or the “Company“), a company heading the Genoa-based 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, announces that its U.S.-registered subsidiary Redelio Renewables LLC (“Redelio”) – ref. p.r. April 22, 2024 – has approved its budget aimed at developing the pipeline of Battery Energy Storage System (“BESS”) projects totaling approximately $20 million for the next four years and acquired the first five projects from the U.S.-registered company BESS Power Corporation (“BESS Power”), which is also indirectly owned by the Company – ref. p.r. Dec. 15, 2022.
The purchase from BESS Power of the above-mentioned five projects, amounting to a capacity of about 920 MW, on the one hand provides Redelio with a solid base for the development of its activities, and on the other hand allows BESS Power itself to focus on the development of more advanced-stage projects, which today constitute a pipeline with a total capacity of 1.2 GW. In addition, the greater concentration of the pipeline in favor of the subsidiary Redelio, thanks to the acquisition of the aforementioned projects, may allow for an increase in the expected consolidated margins, also in view of Redelfi’s greater shareholding in Redelio (indirectly by 50%) than in BESS Power (indirectly by about 25%). Finally, it is specified that the guidance of the Updated Plan 2023-2026, approved on December 11, 2023, is still consistent with business development forecasts and, therefore, as of today is confirmed.
Redelio’s approval of the budget entails Redelfi’s commitment to invest the first $5million in shareholder financing and confirms the importance and centrality of the U.S. market in the Group’s development strategy.
Davide Sommariva, Chairman of the Board of Directors of Redelfi S.p.A., commented, “This investment is a key step for Redelfi in consolidating its presence in the U.S. market, which remains crucial to the Group’s growth, and consolidates our partnership with Elio Energy Group, which has been instrumental in the development of BESS Power’s previous pipeline.”
This press release is available on the website www.redelfi.com, Investor Relations > Press Releases section and on www.1info.it.
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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. In the financial year 2023, the Group achived a Production Value of Euro 11 million and a Net Profit of Euro 3 million. The Net Financial Position is cash negative in the amount of Euro 4.8 million and the Net Equity is Euro 25 million.
Contacts:
ISSUER
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Tower B “I Gemelli” 11th floor, 16149 Genova
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Tower B “I Gemelli” 11th floor, 16149 Genova
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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
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milano
