Nuveen Infrastructure has strengthened its relationship with Emeren through the acquisition of a battery energy storage (BESS) project in Italy from the NYSE-listed global solar project developer.
Nuveen has invested an unspecified sum to acquire the 270MW BESS project in the municipality of Ravenna in Northern Italy from Emeren, which will continue to lead the development of the project.
The latest deal follows the pair’s previously announced collaboration on a 354MW battery storage portfolio in Southern Italy that was finalised in April 2024.
Joost Bergsma, global head of clean energy at Nuveen Infrastructure, said: “This 270MW project represents a substantial addition to our Italian BESS portfolio and our partnership with Emeren Group, bringing our total collaboration to over 620MW of battery storage capacity across Italy.
“The strategic geographic diversification between our Southern Italy assets and this new Northern Italy project enhances portfolio resilience while capturing different market dynamics across the country’s grid infrastructure.
“For our investors, this expansion demonstrates our ability to scale high-quality energy storage investments that provide essential grid services and deliver attractive risk-adjusted returns in Europe’s rapidly evolving energy market.”
Ke Chen, chief financial officer at Emeren, said: “We are pleased to continue our productive partnership with Nuveen Infrastructure with this latest transaction. The Ravenna project represents another example of our ability to develop world-class energy storage solutions that meet the evolving needs of the European energy market.
“This ongoing collaboration with Nuveen reinforces our commitment to delivering high-quality projects while maintaining our strong presence in Italy’s rapidly growing renewable energy sector.”
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