BREAKING NEWS

In its press release dated September 9th, 2026, Redelfi, a company engaged in the development of innovative and sustainable infrastructure to support the energy transition and the parent company of the Genoa-based Redelfi Group, announced that it had obtained the first Single Authorization from the Italian Ministry of the Environment and Energy Security (MASE) for a Battery Energy Storage System (BESS) project in Cumiana (Turin), Piedmont, with a capacity of 268 MW. The completion of the authorization process for the Cumiana project represents a key milestone for Redelfi within the context of Bright Storage SpA’s pipeline, whose portfolio is currently undergoing a sale process. With a capacity of 268 MW, the project accounts for approximately 8.1% of Bright Storage’s total 3.3 GW pipeline. The authorization is particularly significant given the substantial size of the project, which ranks among the highest-capacity BESS projects authorized by MASE to date. Reaching such an advanced stage of development therefore represents an important step in the value enhancement of the portfolio and toward the future monetization of the asset.  Cumiana’s location in Northern Italy is particularly strategic within the national energy environment, as the area is characterized by high electricity demand and a significant concentration of industrial activities. Against this backdrop, the facility will be able to contribute to greater flexibility and stability of the electricity grid, while supporting the more efficient integration of renewable energy sources. This is complemented by the Company’s focus on local areas, reflected in the signing of a Service Agreement aimed at providing financial support to the local community. In conclusion, obtaining the Single Authorization for the Cumiana project represents the first crucial step toward the monetization of Redelfi’s BESS pipeline, taking on further significance in the context of the sale process launched by Bright Storage. The completion of the first authorization process provides tangible evidence of Redelfi’s execution capabilities in managing complex permitting procedures, further strengthening our positive view on the stock. We confirm our Target Price of €14.60 per share, BUY rating and Medium Risk.

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