GreenGo Purchases a 120 MW Battery Energy Storage System Project in Calabria

GreenGo srl, an Italian independent power producer (IPP) leader in the development of innovative solutions for renewable energy, participated by Eiffel Essentiel, a French fund specialized in the energy transition, has announced the acquisition of 100% of a company that owns a project for the construction of a BESS (Battery Energy Storage System) plant in Calabria in the province of Catanzaro.

The project involves the installation near a network node of a latest generation energy storage system with a total capacity of approximately 120 MW and 480MWh energy that can be stored in charge and discharge cycles. GreenGo therefore extends its BESS portfolio to approximately 400 MW, of which 250 MW is in the advanced authorization phase.

Read more about GreenGo and fidn the latest business news of the day with the Born2Invest mobile app.

WFW supported GreenGo in the acquisition as legal advisor. REA, as technical advisor, oversaw the technical and authorization due diligence

GreenGo, founded in 2018 as a startup, is part of the Fimm srl group (controlled by Giuseppe Mastropieri ), which also includes Rea srl , which provides M&A consultancy, financing and PPA structuring services for greenfield and brownfield projects, and Rem srl , which provides technical and commercial management for utility scale plant operational services. As mentioned, the startup is owned by the French fund Eiffel Essentiel, which in 2020 had invested 7 million euros of equity, acquiring 13.85%. Subsequently, at the end of July 2023, the company obtained a convertible shareholder loan (equity bridge) of up to 15 million euros again from Eiffel.

GreenGo, which today has 50 employees and collaborators, in addition to exclusive agents on the national territory, closed 2022 with 4.4 million euros in revenues, an ebitda of approximately 330 thousand euros and net liquidity of over 515 thousand euros, compared to a net worth of 10.4 million.

To date, GreenGo’s pipeline has reached 1.7 GW, with a total of 0.9 GW renewable projects under approval and over 210 MW already approved/RTB

The announcement follows the obtaining last December 2023 of the Single Authorization for the construction of the “Soparita” advanced agrivoltaic plant in the municipality of Vizzini (Catania). The project, with a nominal power of 8.5 MW , represents the first plant entirely developed and managed by GreenGo as an IPP and among the first application cases of advanced agrivoltaics in Italy.

Since September 2023 GreenGo has resided in the new green hub S/PARK – Sustainability Workplace in Bologna. The structure, desired and designed by Fimm, represents a significant redevelopment of an architectural site of artistic and urban significance and stands as a point of reference for the Italian green economy, hosting the group’s operational realities and opening up to companies, professionals, institutions and citizenship.

Lorenzo Nardon, Head of Finance and m&a of GreenGo, commented on the acquisition of the new project: “With the new BESS plant in Calabria we strengthen our ability to integrate stand-alone BESS solutions by intervening in a region where it is still to be fill the gap of storage systems in development compared to the needs of the national electricity system.

Legislative Decree 210/21 opens up new opportunities for the sector and we are ready to seize them, benefiting from optimal connections on existing Terna electricity stations and actively participating in the next MACSE auctions.

__

(Featured image by  Zsuzska321 via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us