Sonnedix expands solar capacity in Italy and looks at battery storage projects
The CEO of renewable developer Sonnedix said that the company is looking to expand its solar power in Italy through a series acquisitions. He also stated that the company was exploring opportunities for battery storage projects.
The JP Morgan-backed company, which entered Italy as early as 2010, announced Thursday that it had acquired an 80 Megawatt (MW), solar plant in Sicily, from the local renewable construction firm Blunova. Blunova is a privately owned unit of Carlo Maresca Group.
The deal is part of an broader partnership between Blunova and Sonnedix, under which Sonnedix purchased four solar farms including the one on Thursday, and will purchase six more by mid-2025. This would give Sonnedix a portfolio of ten plants with a combined capacity of 250MW.
Sonnedix stated that it was unable to disclose the financial details of the deal.
In a telephone interview, Sonnedix CEO Axel Thiemann said that the company will be able to increase its operating capacity in Italy by June of next year. This is a step towards achieving a 1 gigawatt capacity goal by 2025.
Thiemann stated that the partnership between an Italian ally and the company was crucial to navigate the regulatory environment of the Mediterranean nation, where the national rules can be interpreted differently at a regional level. This complicates the process for foreign investors, especially, as the country has a complex regulatory framework.
"There is a lot of effort required to understand and interpret and make sure you do everything the right way... We are generally bullish about Italy as a hotspot for renewable energy, said the CEO of Sonnedix.
Thiemann said that Sonnedix awaited the final Italian regulations on battery storage before launching a number of projects it was already developing.
Thiemann said, "We have many battery projects in Italy... we are waiting for the final rules to be verified." He added that operators would only invest in the sector if there was long-term assurance of the revenue they could expect from a project involving battery storage.
Italy will issue regulations on battery storage services auctions at the start of next year to encourage investment in this sector, which is considered crucial for increasing flexibility in renewable energy power generation. (Reporting and editing by Keith Weir.)
(source: Reuters)
