The Article 9 KGAL ESPF 5 fund is entering into a joint venture with IMCS, a renowned Italian renewable-energy specialist, to jointly develop battery energy storage systems in Italy.
The partners are planning to deliver four battery energy storage systems with a total capacity of 1,100 megawatts. The joint venture offers the opportunity to develop the BESS projects at an early stage and sell them when they are at ready-to-build (RTB) status.
The emerging market for energy storage systems is gaining strong political support, as BESS can be used to mitigate the increasing fluctuations in electricity production from renewable energies. At the same time, this modern technology contributes to the portfolio diversification of the KGAL ESPF 5 Article 9 fund.
According to the partners, the rapidly growing Italian market for renewable energy offers opportunities for battery storage projects like few other European markets.
Although Italy has a high share of rene