Octopus Energy Generation has launched a new JV with Nexta Capital Partners to develop 1.5GW of commercial-scale battery storage systems in Italy.
Octopus Energy Generation is the generation arm of Octopus Energy, a British renewable energy group.
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The new JV with Nexta will focus on developing storage systems at a number of projects in Italy, chiefly in the southern region.
The battery storage system will store and release enough electricity to power a million homes a day.
The latest investment was made via the Octopus Energy Development Partnership (OEDP), a fund managed by Octopus Energy Generation.
The launch of the new JV builds on OEDP’s existing partnership with Nexta for developing wind and solar assets in Italy.
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By GlobalDataOctopus Energy Generation CEO Zoisa North-Bond stated: “We are charging up our activity in Italy’s green energy market as we look to unleash more investment in the country.
“Italy is an incredibly interesting and fast-growing market for renewables and there is significant untapped potential in the energy storage sector. Big batteries like the ones we are developing with this new joint venture make the most of when it is sunny and windy by storing abundant green energy and releasing it back into the grid when it is needed.
“Battery storage will play a vital role in a 100% green energy system – and exciting projects like this will help us to get there quicker than ever before.”
The partners are exploring possibilities to optimise energy storage assets through the Octopus flexibility platform, Kraken, which currently manages 6GW of green energy assets.
Octopus also plans to invest €1bn ($1.09bn) in Italy by 2030 to enhance its activities and expedite the country’s green energy transition.
Nexta co-founder and managing director Fabrizio Caputo stated: “The joint venture strengthens the partnership with Octopus Energy and reaffirms the primary role of Nexta within the renewable energy industry in Italy.
“Battery storage represents a pillar of our asset diversification strategy and we strongly believe the pipeline we are developing will contribute to the stabilisation of a rapidly changing grid ecosystem generated by an unprecedented penetration of renewable energy sources in the market.”
In November 2023, Octopus Energy introduced a new fund to invest $3.5bn in offshore wind by the end of 2030.
