(Alliance News) - Redelfi Spa announced Wednesday that it has signed a term sheet with Flash Srl, part of the WRM Group, concerning the creation of a joint venture for the joint development of stand-alone Battery Energy Storage Systems in Italy.

The agreement calls for the establishment of a special newco under Italian law by October, which will be 51 percent owned by Redelfi or its subsidiaries and 49 percent by Flash and will invest its own means in the development of BESS Projects with a target of 2.8 GW over three years.

The WRM group will retain, for the entire three-year period, a right of first refusal on the purchase of BESS Projects developed under the said DSA, which can be exercised at market conditions and up to a maximum of 1 GW.

The WRM Group, is an independent investment fund specializing in Private Equity, Real Estate and Special Situation.

Redelfi rises 7.0 percent to EUR3.68 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.