Renewable Energy M&A: Italy's BESS boom, the epicenter of European M&A action for battery storage in 2024

published on 28 March 2024

🔥 Italy's BESS boom: the epicenter of European M&A action for battery storage in 2024

🔋 Italy has seen over 3.8 GW of deals for battery energy storage systems (BESS) since 2023, in addition to over with ~4 GW of strategic partnerships. Notably, ~2.6 GW of these deals and ~1.4 GW of these partnerships were announced in Q1 2024.

📈 Notably, Sosteneo's acquisition of a 49% stake in Enel's Italy-focussed BESS and gas turbines platform for $1.3bn marks the largest deal in this sector. Additionally, companies like Cubico, Octopus, and Pacific Green have made significant moves by acquiring or forming partnerships for large-scale BESS portfolios under development.

🌍 Most recently, Renewable Power Capital (RPC) entered the Italian market by acquiring a ~1.1 GW BESS pipeline from Altea Green Power for €83mn.

💡 The surge in interest is driven by attractive revenue prospects from TERNA's Capacity Market and Fast Reserve auctions, along with recent reforms that expedite permitting for small-scale BESS assets. The country targets a battery storage capacity of 9 GW by 2030.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation. 

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