Friday 9 August 2024
Italy’s battery storage projects get a boost
Renewable energy fund, KGAL ESPF 5, enters into a joint venture with Italian renewables specialist, IMCS to develop battery energy storage systems (BESS) in Italy.
They will develop four battery energy storage systems, with a total capacity of 1,100 megawatts (MW).
The joint venture aims to develop the BESS projects at an early stage and sell them when they are at ready-to-build (RTB) status.
Raffaello Giacchetti, CEO at IMCS, said: '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. Now is the right time: Italy needs 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.'
The Italian BESS market currently totals 2.3 gigawatts but mostly consists of systems for private households. Independent, larger-scale projects are not yet in operation.
To support the development of large-scale storage systems, the Italian government will use the Mechanism for the Acquisition of Storage Capacity (MACSE), a funding framework which was approved by the European Union in 2023.
