RGREENINVEST and Renalfa Solarpro Group have agreed to form a joint venture (JV), Renalfa Power Clusters (RPC), with both parties committing equity of €200m ($231m) to the company.
The new JV plans to finance an €800m pipeline of large-scale hybrid renewable energy projects construction in Romania and Poland.
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RGREENINVEST will invest through its INFRAGREEN equity funds as part of this initiative.
The collaboration follows their previous JV, Renalfa IPP, which expanded its portfolio of utility-scale hybrid assets equipped with long-duration battery storage across Europe in less than five years.
The experience gained from Renalfa IPP enabled the partners to implement business models focused on integrating renewable generation with storage technologies.
RPC will use advanced technology for power generation, storage and dispatch, with a long-duration battery energy storage system (BESS) forming a central component.
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RGREEN INVEST founder and CEO Nicolas Rochon said: “Renalfa IPP has evolved into one of Europe’s leading platforms deploying long-duration BESS to integrate large-scale renewables and deliver competitive green baseload products to the market. With RPC, we are taking this ambition to the next level.”
Renalfa CEO Ivo Prokopiev said: “Most of the people don’t talk about it, but we are in the midst of the electrification revolution. It is not noisy and is purely market based. It isn’t dependent on policy instruments, that is why it is irreversible.
“There is a learning curve on how to apply batteries and optimising technologies in the different use cases of economic activity. The banks and the capital markets started to see the opportunity and I expect more financing to be available for competitive merchant projects.”
