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    Penso establishes a joint venture for storage in Italy

    ACL Energy, based in Milan, has entered into a joint venture with BW ESS, a storage developer, and Penso Power, a London-based developer, owner, and operator of grid-scale battery storage assets with operations in the UK and Australia.


    This collaboration signifies the entry of BW ESS and Penso Power into the Italian market, which is anticipated to be one of the most active markets in Europe for battery energy storage, as indicated by the partners.


    ACL Energy, BW ESS, and Penso Power will collectively hold shares in three development-stage projects with a total connection capacity of 395MW, and the partners will jointly finance the development expenditures. Two projects, a 111MW project in Lombardia and a 97MW project in Puglia, have already been submitted to the Italian Ministry of Energy for approval. Additionally, a 187MW project in Piemonte is scheduled for submission later this year.


    According to Terna, the Italian Transmission System Operator, as outlined in the last Adequacy Report for the Italian Electricity System, Italy is projected to require approximately 27GW of energy storage capacity by 2033 to complement the planned 120 GW+ of renewable generation integrated into the Italian grid.


    Chief executive of Penso Power, Richard Thwaites, said “Italy is a priority market for us and the combination of skillsets that this joint venture brings together positions us to take a leading role in Italian energy storage.”


    “We have been working closely with BW ESS for several years and have benefitted from having them as a shareholder and project partner. We regard the ACL team very highly and are delighted to formalise our partnership with them.”


     Managing partner of ACL Energy, Nicola Locascio, added “We are proud to enter into this partnership with international players with such successful track record in the energy storage industry such as Penso Power and BW ESS.”


    “This joint venture is a fundamental pillar in our medium-long term strategy and consolidates ACL’s ambition of becoming a leading player in the rapidly expanding energy storage business in Italy.”


    Executive director of BW ESS, Roberto Jimenez, commented “This deal is another example of BW’s commitment to the energy transition and sustainable infrastructure.”


    “We look forward to working with Penso and ACL to deliver these three projects and leverage the best practices we have seen from similar investments in other markets.”


    ACL Energy received legal counsel from Eversheds Sutherland, while BW ESS and Penso Power were guided by the law firm Bird & Bird.


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