JV subsidiary of Redelfi and Altea takes over project in U.S.

(Alliance News) - Redelfi Spa and Altea Green Power Spa announced Wednesday that BESS Power Corporation, a subsidiary of their U.S.-based joint venture RAL Green Energy Corporation, has finalized the purchase of a stand-alone battery energy storage system project through the acquisition of 100 percent of the share capital of the related U.S.-registered special purpose vehicle Lund Storage Center 1 LLC.

BESS Power-a 65 percent subsidiary of RAL Green Energy Corporation, which in turn is equally controlled by Redelfi and AGP-has purchased the Lund Storage project from the U.S.-based developer Aelius Solar Corp for USD500,000 plus an earn-out of USD20,000 per authorized MW, which will be paid upon the sale of the same project to third-party investors.

The Lund Storage project, which is at a more advanced stage of development, augments BESS Power's current pipeline, which includes an additional 200 MW under preliminary development. Under this contract, BESS Power will hold preliminary projects of about 600 MW out of a total planned pipeline of 1.4 GW.

Davide Sommariva, chairman of Redelfi's board of directors, commented, "The purchase of the Lund Storage project is an important step forward for BESS Power, which is expanding its pipeline both directly through dense origination work and through acquisition of early stage projects, in line with the ambitious development program presented to the market."

Giovanni Di Pascale, president of AGP, added, "With this acquisition, Altea Green Power's growth in the U.S. market continues and becomes more concrete. In fact, thanks to the JV with Redelfi in BESS Power, an important joint development plan is planned in the U.S. for large capacity storage plants with a total capacity of 1.4 GW."

Redelfi's stock is up 4.0 percent to EUR1.03 per share while Altea Green Power's stock rises 2.0 percent to EUR2.28 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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