(Alliance News) - Redelfi Spa announced Monday that it has started a joint venture with Flash Spa, part of the WRM Group, through the sale at par value of a 49 percent stake in the newco specially formed Bright Storage Spa, and has signed the relevant shareholders' agreements.
Following the sale, Bright Storage is owned 51% by Redelfi and the remaining 49% by Flash.
As part of the closing, a Development Service Agreement was also signed between Redelfi and Bright Storage, under which Redelfi will put its technical expertise at the service of the partnership.
The goal of the joint venture is to develop a pipeline of stand-alone Battery Energy Storage System projects in Italy over a five-year period, with a total minimum capacity of 2.8 GW, the company explained in a note.
Redelfi trades in the green by 1.7 percent at EUR7.36 per share.
By Claudia Cavaliere, Alliance News reporter
Comments and questions to firstname.lastname@example.org
Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.