Executive summary

Enfinity Global, a United States-based independent power producer focused on renewable energy generation and energy storage, has formed a co-investment partnership with E Energy Invest, the investment vehicle of Strioga Family Foundation, for a BESS project in Italy. Under the agreement, E Energy Invest will acquire a 49.9% equity stake, while Enfinity will retain a 50.1% controlling interest. The transaction gives Strioga Family Foundation its first investment exposure to the Italian energy market.

The fully authorised project is located in the province of Livorno, Tuscany. It will have a power rating of 150 MW, an energy capacity of 600 MWh and a four-hour storage duration. Enfinity will complete the remaining development and construction work and will serve as the project's long-term asset manager.

The project forms part of Enfinity's 6.7 GW BESS portfolio in Italy. The company also reported more than 600 MW of authorised BESS projects in the country. Enfinity stated that the storage facility is intended to support grid flexibility, renewable energy integration, energy autonomy and electricity price competitiveness.

Strioga Family Foundation described the transaction as its fourth and largest BESS development investment to date. The foundation stated that its commitments to European BESS projects now exceed 2.5 GWh. Its investment activities cover renewable energy, battery storage, energy and climate technology, and energy efficiency projects.

Enfinity reported that it had completed transactions during the previous 12 months involving portfolios with more than 1.1 GW of combined capacity, including a transaction with the sovereign wealth fund of Azerbaijan and agreements with undisclosed parties. The company said its capital formation approach introduces minority shareholders into project portfolios and recycles capital for additional electricity capacity in Italy.

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