Pacific Green acquires stake in five Italian BESS projects

Pacific Green Battery Energy Park (Italia) Srl, a wholly-owned subsidiary of Pacific Green Technologies, Inc, has acquired 51% of the shares in five Italian battery energy storage projects (BESS) from Sphera Energy Srl. 

The remaining 49% of the shares of each Project will be acquired on achievement of certain development milestones.

The first 100MW BESS project in Campania has been submitted to The Ministry of Environment and Energy Security for permitting and the remaining four will be finalised in the coming months. 

Final permitting for all five projects is anticipated in Q4 2024, with design and construction to be managed by Pacific Green. The projects will begin their 35 year operating life in late 2025.

Mahael Fedele, Sphera Energy’s CEO, said: “Following our launch 12 months ago as one of Italy’s first fully dedicated battery storage development platforms, we are thrilled to enter into this partnership with Pacific Green to deliver high quality projects in the rapidly growing Italian energy storage market”

Scott Poulter, Pacific Green’s chief executive, added: “Building upon our success with the development and sale of Pacific Green’s 100MWh Richborough Energy Park and the development of the 375MWh Sheaf Energy in the UK, Italy represents the next step in Pacific Green’s European expansion into other markets where battery assets will be key in enabling National and EU Net-Zero targets. In Italy, where market conditions favour longer duration projects, we expect this portfolio to have an energy capacity of between two to three gigawatt hours.”