The Energy Storage Report 2024

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IPP Cubico targets 1GW of BESS in Italy through JV


Cubico Sustainable Investments has formed a joint venture (JV) with a local developer in Italy to develop 1GW-plus of battery energy storage system (BESS) projects.

London-headquartered independent power producer (IPP) Cubico has entered into a JV with local developer and consultancy Storaltil, with an initial four projects totalling 150MW including two from Cubico. It didn’t say when the projects or larger pipeline would come online.

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Italy’s grid-scale energy storage market is set to be one of Europe’s busiest this year, with some 2.6GW/8.9GWh set to come online according to LCP Delta. Large-scale BESS are set to capitalise on significant opportunities in the capacity market, ancillary services and renewable load shifting.

Transmission system operator (TSO) Terna anticipates needing 9GW/71GWh of new energy storage online by 2030, the deployment of which will be supported by a €17.7 billion EU-backed package of grants.

Cubico is the latest in a long list of developer/IPPs announcing 1GW-plus BESS pipelines in Italy, including Matrix Renewables, Octopus Energy, Volt ESG, SUSI Partners, Altea Green Power, Eku Energy as well as Field, Innovo Renewables and Aquila Clean Energy EMEA, which interviewed for a deep-dive on the Italy market for an edition of our quarterly journal PV Tech Power last year.

Cubico claims to be one of the largest privately-owned renewable energy companies in the world. It has 300MW of operational wind and solar in Italy already and a further 1GW pipeline. It is active globally but, as covered by our sister site PV Tech, has been particularly active recently in Latin America. Cubico is backed by Canadian pension fund investors Ontario Teachers’ Pension Plan and PSP Investments.’ publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 20-21 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.

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