UK-based fund manager Glennmont Partners has partnered with Exus Renewables, a Spanish asset management company, to develop 800MW of battery energy storage system (BESS) projects in Italy.
The collaboration will focus on Puglia in the south of the country. Each company will oversee the development of a 400MW portfolio.
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The two portfolios will consist of four stand-alone BESS projects, each with a capacity of 100MW.
An Italian battery storage company whose name has not been disclosed will manage the development process.
The initiation of the first projects is set for the fourth quarter of 2026.
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Glennmont Partners chief financial officer Francesco Cacciabue stated: “As Italy continues its renewable energy transition, battery technology stands to play a hugely important role in supporting established clean energy generators, through its ability to manage intermittency issues and associated price fluctuations.
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By GlobalData“The quality of existing battery storage technologies means they are now capable of fulfilling this role, and they will be a critical enabler as Italy and Europe look to meet their clean energy targets.”
Exus EU development and construction head Natalia Ordoñez stated: “Our meticulous approach to developing these projects, with land rights secured and grid interconnection ensured, is part of our broader vision to establish a robust pipeline of BESS across Europe.”
Glennmont’s venture into the energy storage sector began in 2023 with the construction of a 30MW BESS project in Finland.
The project utilises a modular battery storage system called Battery Elements, provided by Alfen, a company based in the Netherlands. The system stores 41 megawatt-hours of energy.
In December 2023, American Electric Power (AEP) and PNM Resources (PNM) agreed to sell their joint venture, New Mexico Renewable Development (NMRD), to Exus North America for $230m.
AEP and PNM divested their respective 50% stakes in NMRD, which comprises 15 solar projects with a total capacity of 625MW. The portfolio includes nine operational projects amounting to 185MW, and six projects under development expected to contribute an additional 440MW.
