KGAL’s fifth European renewable-energy fund has partnered with Italian renewable-energy specialist IMCS to develop battery energy storage systems (BESS) in Italy.
KGAL’s ESPF 5 and IMCS joint venture intends to develop four battery energy storage systems (BESS) in Italy, with a combined capacity of 1.1GW. The partnership plans to develop the BESS projects to a ready-to-build stage before selling them.
André Zücker, co-CEO of KGAL, said: “With its highly qualified interdisciplinary team, IMCS is the ideal joint venture partner for developing BESS projects efficiently and promptly through to approval.”
Florian Martin, co-CEO of KGAL, said: “This strengthens the basis on which we can continue to offer our ESPF 5 investors a double-digit return in the future.” Martin added that ESPF 5 is expected to have its final closing in October.
Raffaello Giacchetti, CEO at IMCS and leader of the group of developers that own 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 15GW by 2030 to meet the targets of the national energy strategy.”
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