BREAKING NEWS – 16.07.2024

In the press release dated July 11, 2024, 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 that its subsidiary Redelio has approved the budget for the development of the Battery Energy Storage System (BESS) project pipeline, totaling $20.00 million over the next four years, in addition to the acquisition of the first five projects by the American company BESS Power Corporation (BESS Power), indirectly controlled by Redelfi. The mentioned acquisition of the five projects, which together reach a capacity of 920 MW, provides Redelio with a significant starting point for enhancing its activities, allowing the company to focus more on the development of projects already in an advanced stage, currently constituting a total capacity of 1.2 GW. The sale of the five projects and the subsequent increased concentration of the pipeline in favor of the subsidiary Redelio allows Redelfi access to better-consolidated expected margins, considering the company’s stake in Redelio (indirectly 50.0%) compared to BESS Power (indirectly about 25.0%). In line with the communication, the guidance provided by the Updated Plan 2023-2026, approved on December 11, 2023, is consistent with business development forecasts and, therefore, are confirmed to date. With the budget approval, Redelio confirms the importance and central role of the US market in the Group’s development strategy, also committing to invest the first $5.00 million as shareholder financing. In light of the Group’s communication and Redelfi’s significant development prospects, we confirm our recommendation: BUY rating, target price € 11.50, risk MEDIUM.

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