BREAKING NEWS – 06.11.2023

In the press release of November 3rd, 2023, Altea Green Power, a company active in the development and realization of power generation and environmentally friendly plants and as a service integrator during all phases of the construction and operation of green plants, announces that it has undertaken the realization of a new BESS Storage project in Italy with a capacity of 1 GW, referred to as Black BESS.

The Black BESS project will comprise four sites located in central-southern Italy and will be completed by the first half of 2024, joining the already existing Green, Blue and Yellow BESS projects with total power of 2 GW in addition to the agreement with the Irish fund Aèr Soléir for the co-development of an additional project with power of 0.5 GW. The authorization processes for the existing projects are at an advanced stage of negotiation; for the agreement with Aèr Soléir, it is expected to be able to achieve the first authorizations in the first half of 2024, while the Green BESS, Blue BESS and Yellow BESS projects are also being negotiated for co-development with two major international investors.

To the 3.5 GW project pipeline currently active, Altea plans to add the White BESS and Pink BESS projects, with a capacity of 1 GW each, by 2026, for a total of 5.5 GW on Italian territory to which is added the 2.4 GW pipeline in the United States. The choice of project nomenclature is based on the colors of the Company’s logo (Blue, Green, Yellow, Black, White) to give a detail of recognizability, while the name of the Pink BESS project, a reminder of the sustainability, inclusion and gender equality issues, represents Altea’s desire to recognize the contribution of the female professionals in the team, who represent 39.0% of the Company’s human capital.

Taking the press release into consideration, while waiting to assess the economic impact of new projects on year-end results, we confirm our recommendation: target price € 6.75, rating BUY, risk MEDIUM.

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