{"id":4217,"date":"2023-08-21T07:03:49","date_gmt":"2023-08-21T05:03:49","guid":{"rendered":"https:\/\/redelfi.com\/?p=4217"},"modified":"2024-12-11T17:45:18","modified_gmt":"2024-12-11T16:45:18","slug":"bess-power-corporation-signs-financing-agreement-with-leyline-renewable-capital-for-up-to-15-million-dollars","status":"publish","type":"post","link":"https:\/\/redelfi.com\/en\/press-releases\/bess-power-corporation-signs-financing-agreement-with-leyline-renewable-capital-for-up-to-15-million-dollars\/","title":{"rendered":"BESS Power Corporation signs financing agreement with Leyline Renewable Capital for up to 15 million dollars\u00a0"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"https:\/\/redelfi.com\/wp-content\/uploads\/2024\/03\/DIFF-20256_130116_2023_oneinfo.pdf\" target=\"_blank\" rel=\"noopener\">Read the press release in PDF format here (in Italian)<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>BESS POWER CORPORATION SIGNS FINANCING AGREEMENT WITH LEYLINE RENEWABLE CAPITAL FOR UP TO 15 MILLION DOLLARS\u00a0<\/strong><\/p>\n<p><strong>PROJECTS UNDER DEVELOPMENT CURRENTLY COUNT FOR MORE THAN HALF OF THE ORIGINALLY STATED TARGET. THIS TRANSACTION ALLOWS FOR THE EXPANSION OF THE PIPELINE TO 2.4 GW OVER THE NEXT 4 YEARS.\u00a0<\/strong><\/p>\n<p><em>Milan, August 21, 2023\u00a0<\/em><\/p>\n<p><span data-contrast=\"auto\"><strong>Redelfi S.p.A.<\/strong> (\u201c<strong>Redelfi<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d), the company heading the namesake industrial group with its operational headquarters in Genoa \u2013 engaged in the development of innovative and sustainable infrastructures to promote the energy transition, and listed on the Euronext Growth Milan segment of Borsa Italiana &#8211; and <strong>Altea Green Power S.p.A.<\/strong> (\u201c<strong>AGP<\/strong>\u201d) &#8211; active in the development and construction of environmentally friendly power generation facilities and as a \u201cservice integrator\u201d for comprehensive assistance during all phases of the construction and operation of green plants &#8211; both listed on the Euronext Growth Milan segment of the Italian Stock Exchange, announce that <strong>BESS Power Corporation<\/strong> (\u201c<strong>BESS Power<\/strong>\u201d or \u201cCorporation\u201d), a 65 percent subsidiary of <strong>RAL Green Energy Corp<\/strong>. (\u201c<strong>RAL<\/strong>\u201d) &#8211; a company equally owned by Redelfi and AGP &#8211; has entered into a financing agreement with <strong>Leyline Renewable Capital L.L.C.<\/strong> (\u201c<strong>Leyline<\/strong>\u201d) for up to 15 million dollars to be used for the implementation of a stand-alone Battery Energy Storage System (\u201c<strong>BESS<\/strong>\u201d) pipeline in the U.S. territory.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><strong>Leyline<\/strong> is a U.S.-based company that invests in renewable energy, providing financing to support projects from the early stage of development through construction.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The fixed-rate financing, with a term of 3 years, with the possibility of extension for an additional 12 months, will enable BESS Power to have the necessary capital available for project development, through drawdowns, which BESS Power itself can make based on actual need, and the amount of which will be proportionate to the progress of the projects.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Thanks to the acceleration that BESS Power&#8217;s development activity has experienced in recent months, the pipeline now has active projects of 900 MW, or more than half of the target capacity originally declared when the Corporation was established. The financing agreement signed with Leyline, therefore, will allow BESS Power to expand the pipeline, compared to what was initially planned, to a target of 2.4 GW, therefore, due to this transaction, Redelfi will likely update the estimates included within the business plan published last November 2, 2022.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The signing of the aforementioned loan creates the prerequisites for the activation of the reward mechanism defined at the time of the incorporation of BESS Power in favor of the minority shareholder Elio Energy Group LLC (\u201c<strong>Elio<\/strong>\u201d), which provides for the transfer by RAL to Elio of a percentage of shares in BESS Power not exceeding 15%, in recognition of the enhancement of the pipeline contributed to BESS Power.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><strong>Davide Sommariva<\/strong>, Chairman of the Board of Directors of Redelfi S.p.A. commented, \u201c<em>The agreement with Leyline will allow the Group to continue its activity in the U.S. market, through BESS Power, at the same speed at which it is currently advancing. Exceeding the target set in just a few months confirms BESS Power&#8217;s ambition to gain important leadership in the American market. We are very pleased with the results so far<\/em>.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><strong>Giovanni Di Pascale<\/strong>, CEO of Altea Green Power commented, \u201c<em>The agreement signed with Leyline will provide a further boost to the implementation of the stand-alone Battery Energy Storage System pipeline. This is an important piece that adds to the first remarkable result, reached at the end of June, with the Lund Storage project. Storage in Italy, as in the United States, is a promising market, and we as Altea Green Power are ready to deploy the know-how and expertise of our team to seize the best opportunities that will come about.<\/em>\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><strong>Pandelis Vassilakakis<\/strong>, CEO of BESS Power Corporation commented, \u201c<em>The fact that the Leyline team shares our vision of creating highly optimized energy storage solutions for a resilient grid is an important step in our journey. BESS Power&#8217;s technical expertise and experience in greenfield development, complemented by Leyline&#8217;s financial and market knowledge, make me confident that we will achieve our goal. This transaction further strengthens our mission to drive growth in the sustainability sector and gives the company&#8217;s stakeholders confidence in our financial position in the market.<\/em>\u201d<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This press release is available at <\/span><a href=\"http:\/\/www.redelfi.com\/\"><span data-contrast=\"none\">www.redelfi.com<\/span><\/a><span data-contrast=\"auto\">, Investor Relations &gt; Press Releases section, at <\/span><a href=\"http:\/\/www.alteagreenpower.it\/\"><span data-contrast=\"none\">www.alteagreenpower.it<\/span><\/a><span data-contrast=\"auto\">, Investor Relations &gt; Financial Press Releases section, and at <\/span><a href=\"http:\/\/www.1info.it\/\"><span data-contrast=\"none\">www.1info.it<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Redelfi<\/span><\/b><span data-contrast=\"auto\"> 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In the 2022 fiscal year, the Group achieved a Production Value of EUR 4.5 million and a Net Income of EUR 0.27 million. Its Net Financial Position was EUR 0.6 million and its Net Equity was EUR 9.3 million. In 2022, the Group made investments of approximately EUR 6.4 million.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><strong>Altea Green Power<\/strong> is a company active in the development and realization of plants for the production of energy in respect of the environment and as a \u201cservice integrator,\u201d addressing its capabilities to individuals, companies, institutions 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 and BESS Storage sectors, thus contributing to the reduction of pollution. Founded in 2008 by Giovanni Di Pascale, under the name of Altea Energia, in October 2021 it changed its name to Altea Green Power and today can boast of the turnkey supply of numerous photovoltaic and wind power plants throughout Italy. Its current core business is co-development in wind PV and Storage. To date it has contracted over 1.5 GW of photovoltaic and wind projects and about 0.5 GW of BESS Storage projects. Its customers are some of the world&#8217;s largest players. As of February 1, 2022, it is listed on the Euronext Growth Milan market of Borsa Italiana.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Contacts:<\/span><br \/>\n<span data-contrast=\"auto\">ISSUER<\/span><br \/>\n<span data-contrast=\"auto\">Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Torre B &#8220;I Gemelli&#8221; 11 piano, 16149 Genova<\/span><br \/>\n<span data-contrast=\"auto\">Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Torre B &#8220;I Gemelli&#8221; 11 piano, 16149 Genova<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">INVESTOR &amp; FINANCIAL MEDIA RELATIONS<\/span><br \/>\n<span data-contrast=\"auto\">IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884\/3 | Via Bigli, 19 &#8211; 20121 Milano<\/span><br \/>\n<span data-contrast=\"auto\">IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884\/3 | Via Bigli, 19 &#8211; 20121 Milano<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">EURONEXT GROWTH ADVISOR &amp; SPECIALIST<\/span><br \/>\n<span data-contrast=\"auto\">Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 \u2013 20121 Milano<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the press release in PDF format here (in Italian) &nbsp; BESS POWER CORPORATION SIGNS FINANCING AGREEMENT WITH LEYLINE RENEWABLE CAPITAL FOR UP TO 15 MILLION DOLLARS\u00a0 PROJECTS UNDER DEVELOPMENT&#8230;<\/p>\n","protected":false},"author":2,"featured_media":786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BESS Power Corporation signs financing agreement with Leyline Renewable Capital for up to 15 million dollars\u00a0 | Redelfi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/redelfi.com\/en\/press-releases\/bess-power-corporation-signs-financing-agreement-with-leyline-renewable-capital-for-up-to-15-million-dollars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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