Octopus charges up Italy’s battery storage sector with new joint venture
London, 18 December 2023, (Oilandgaspress): – Octopus Energy’s generation arm announces the launch of a new joint venture (JV) with Nexta Capital Partners to charge up Italy’s battery storage market, making the most of cheap, green energy when it’s sunny and windy.
The new JV with Milan-based Nexta will develop up to 1.5 GW of commercial-scale battery storage systems across several projects largely in the south of the country.
Once operational, the projects are estimated to be capable of storing and releasing back into the grid enough electricity to power up to a million homes a day.
The partners are also exploring optimising the battery assets through Octopus’ rapidly growing flexibility platform, Kraken, which currently manages 6 GW of green energy assets.
It comes as Octopus plans to invest €1 billion in Italy by 2030 as it rapidly scales its activity to help accelerate the country’s green energy transition.
Italy is one of Europe’s fastest growing energy storage markets and recently introduced mechanisms to support this nascent sector. To meet its decarbonisation goals, it set out the need to build 9 GW of new grid-scale energy storage and upped its renewables targets with the aim of having 65% of electricity from green energy by 2030*.
This latest investment was made by Octopus Energy Development Partnership (OEDP), a fund managed by Octopus Energy Generation that backs developers creating new green power in Europe, helping to lower energy bills for consumers in future.
The deal builds on OEDP’s existing partnership with Nexta to develop wind and solar farms in Italy.
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