Cubico Sustainable Investments has entered the Italian battery energy storage system (BESS) market through a joint venture with Storaltil.
Cubico, which is backed by Canadian pension funds Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board, said the venture aims to develop over 1GW of BESS projects in Italy.
The initial phase of the joint venture will include four projects, two of which will be contributed by Cubico, totalling over 150MW in capacity.
Alessandro Asperti, country head for Italy at Cubico, said: “This strategic partnership with Storaltil marks a significant milestone for Cubico as we enter the dynamic and rapidly growing BESS market in Italy.
“Our collaboration aims to address critical grid challenges and contribute to the realisation of Italy’s clean energy goals, aligning with the broader European objectives for a sustainable future.”
Cubico already has an existing development pipeline of 1GW of Italian solar and wind projects and nearly 300MW of operational projects. Globally, the company has a portfolio in 10 countries with an installed gross capacity of more than 3GW, with nearly 700MW in construction and a 5GW development pipeline.
A spokesperson for Storaltil, a battery storage developer and consultancy in Italy, said: “We are delighted to partner with Cubico, a prominent global renewables investor, leveraging our technical and local expertise to facilitate their entry into the emerging BESS market.
“Recognising the significance of battery storage in helping Italy achieve its energy-transition goals, we are confident that our collaboration with Cubico will cultivate a robust BESS pipeline and position us as a key player within the sector.”
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