KGAL ESPF 5, a renewable energy fund has established a joint venture (JV) with IMCS to collaborate on developing battery energy storage systems (BESS) in Italy. There is growing political backing for the developing energy storage system market, as BESS can help offset the rising variability in renewable energy electricity generation.
Simultaneously, this contemporary technology helps to diversify the portfolio of the KGAL ESPF 5 Article 9 fund. The plan is to develop four battery energy storage systems, with a total capacity of 1,100 MW. The JV offers the opportunity to build the BESS projects at an early stage and sell them when they are at ready-to-build status.
IMCS has a strong background in developing and executing innovative, large-scale solar projects in Italy. KGAL has previously collaborated successfully with its Italian partners on several photovoltaic projects for its predecessor fund. KGAL is an independent investment and asset management company based in Germany.
