BREAKING NEWS – 13.06.2024

In the June 11, 2024 press release, Redelfi, the head of the Genoa-based industrial group of the same name engaged in the development of innovative and sustainable infrastructure to facilitate the energy transition, announced the start of the authorization process for eight stand-alone Battery Energy Storage System (“BESS”) projects in Italy, made possible by the support of AFRY, a leading engineering services provider listed on Nasdaq Stockholm. The projects have a capacity of 1.43 GW, which corresponds to about one-third of the Italian pipeline foreseen in the 2023-2026 Business Plan of 4.3 GW. The start of the administrative process for project authorization marks an important milestone regarding the progress of the Italian pipeline, which includes a 950 MW capacity of the Redelfi pipeline and 3.3 GW of the recently expanded Bright Storage pipeline as announced on May 21, 2024. The Group’s strategic partnership with AFRY is essential for the achievement of the goals already included in the 2023-2026 Business Plan and for future ones. The partnership, in fact, guarantees Redelfi the technical support of an established company in the areas of decarbonization and energy transition, offering engineering, design and consulting services. In addition, the partnership gives the Group solid value added expendable in basic design activities and the permitting process, making it possible for Redelfi to reach the Ready-To-Build stage of BESS projects with greater efficiency. In light of what the Group has communicated and Redelfi’s significant development prospects, we confirm our recommendation: BUY rating, target price € 11.50, risk MEDIUM.

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