BREAKING NEWS – 22.05.2024

In the press release of May 21, 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, listed on the Euronext Growth Milan segment of the Italian Stock Exchange, announced that its subsidiary Bright Storage SpA, 51.0% owned by Redelfi and 49.0% owned by Flash SpA, a company that is part of the WRM Group, has implemented the target for the development of stand-alone Battery Energy Storage System projects, reaching a maximum power of 3.3 GW. Redelfi was able to proceed with the announced upgrade by streamlining the timing of the identification of BESS projects, thus managing to reach the negotiated development target of 2.8 GM earlier than budgeted in the April 3, 2024 press release. Specifically, Bright Storage determined that the expansion of the development target will take place over the next five years, thus extending the pipeline to 3.3 GW. The expansion of the Bright Storage pipeline marks the exceeding, in terms of developed power, of the set target related to one of the four drivers underlying the 2023-2026 Business Plan published in December 2023. The extension of the development target is a further confirmation of Redelfi’s efficiency and solidity as a developer, ensuring, moreover, improved results already during the current fiscal year, but above all expressing a significant impact in economic terms for the following years. Considering the above, therefore, the guidance of the Updated Plan 2023-2026, approved on December 11, 2023, remains aligned with business growth forecasts and, therefore, is currently confirmed. In light of Redelfi’s excellent results and significant development prospects, we confirm our recommendation: BUY rating, target price € 11.50, risk MEDIUM.

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