Enfinity secures equity partner for 150 MW battery storage project in Italy

Enfinity Global and E Energy Invest, the investment vehicle of the Strioga Family Foundation, have announced a co-investment partnership in Italy under which Strioga will acquire a 49.9% equity stake in a battery energy storage system (BESS) project in the province of Livorno, Tuscany.

Enfinity will retain a 50.1% controlling stake and remain responsible for completing development and construction, as well as serving as long-term asset manager, according to the release. The fully authorized project has 150 MW of capacity and a four-hour duration, totaling 600 MWh, and is part of Enfinity’s 6.7 GW BESS portfolio in Italy.

Uloza said the project was the foundation’s “fourth and the largest investment in BESS development to date and it brings the Foundation’s commitments to European BESS projects to well over 2.5 GWh.”

Enfinity said it has brought in minority equity partners for Italian energy portfolios totaling more than 1.1 GW over the past 12 months, including a transaction with Azerbaijan’s sovereign wealth fund.

Carlos Domenech, chief executive of Enfinity Global, said the partnership “reflects Enfinity Global’s ability to connect long-term capital with the energy transformation Europe needs, leveraging its integrated energy platform to deploy critical storage infrastructure.”

Julio Fournier Fisas, general manager for Europe at Enfinity Global, said the company has more than 600 MW of authorized BESS projects in Italy and “a strong track record in capital structuring.”

Advant NCTM advised Enfinity on the transaction, while Green Horse and Natural Power advised Strioga Family Foundation.