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Nuveen Infrastructure and Exus agree 800MW Italian battery storage project

Nuveen Infrastructure (formerly Glennmont Partners), one of the world’s largest fund managers investing in clean energy, and Exus Renewables (“Exus”), the independent renewables asset management and development firm, have agreed to co-develop c.800MW of battery storage projects in southern Italy, with each company co-developing a portfolio of c.400MW of projects.

The deal will see Nuveen Infrastructure and Exus commence a series of standalone battery energy storage system (BESS) projects across the Puglia region of Italy. These will constitute four projects each for both Nuveen Infrastructure and Exus, each with a total capacity of c.100MW.

The developer for all projects will be an Italian developer specialising in battery storage systems. Construction on the first projects in the portfolio is planned to begin in Q4 2026.

Francesco Cacciabue, Global Head of Clean Energy Investments at Nuveen Infrastructure, commented on the announcement:

“As Italy continues its renewable energy transition, battery technology stands to play a hugely important role in supporting established clean energy generators, through its ability to manage intermittency issues and associated price fluctuations.

“The quality of existing battery storage technologies means they are now capable of fulfilling this role, and they will be a critical enabler as Italy and Europe look to meet their clean energy targets.

“As a result, we’re pleased to be working with our Italian developer on this project and are confident this new portfolio will provide strong returns to investors, while also supporting more traditional renewables projects in the region.”

Alfonso Cebrián, Head of International Business Development at Exus, said:

“This deal marks our first step into expanding our presence in the Italian market, signalling our intent to establish a robust development platform in Italy that is poised to drive future growth and innovation in the region.”

Natalia Ordoñez, Head of EU Development & Construction at Exus, added: “Our meticulous approach to developing these projects, with land rights secured and grid interconnection ensured, is part of our broader vision to establish a robust pipeline of BESS across Europe.”

This latest move in energy storage for Nuveen Infrastructure comes after their entry into the market in 2023 with the announcement of the construction of a 30MW BESS project in Finland. This project will use Alfen’s top of the line The Battery Elements battery storage system built in a modular design, and capable of storing 41MWh of energy.

Media Enquiries

Orlando Wind-Cowie (Nuveen Infrastructure)
+44 (0) 7707 985 967

Laurenz Krumbacher (Exus)

About Nuveen Infrastructure

Nuveen Infrastructure is the infrastructure investment arm of Nuveen, the investment manager of TIAA with $1.1 trillion in assets under management as of 31 Mar 2023. Nuveen Infrastructure aims to invest in middle market opportunities across multiple strategies and sectors, including clean energy, agribusiness, telecommunications, transportation, and social infrastructure. Our platform offers a diverse set of vehicles and customized strategies as well as deep expertise through an extensive operating partner network.

About Exus

Exus is a premier independent asset management and development firm specialising in the renewable energy sector. The company takes pride in developing, owning, and operating large-scale, clean energy generation projects, contributing to a greener future.

Aside from its own portfolio, Exus extends its expertise to third-party asset management and project development services, catering to utility-scale solar, wind, and battery storage projects owned by external parties. Bolstered by a proven track record of efficient construction, commercialisation, and operation of renewable energy assets, Exus strategically acquires and develops innovative projects that contribute to building a world-class renewables portfolio.

For more information, please visit: www.exuspartners.com