(Alliance News) - Altea Green Power Spa announced Thursday that a co-development agreement for "BESS Storage" electricity storage systems has been signed with a major North American investment fund specializing in alternative energy.

The projects have a total capacity of more than 1.1 GW.

The agreement includes the development of 9 projects for BESS Storage systems located in various regions of Italy.

The value of the sale is more than EUR68 million plus a success fee of up to EUR15 million that will be defined in relation to the achievement of performance indices agreed between the parties, the company explained in a note.

Revenues from the agreement amount to about EUR15 million for 2024.

Giovanni Di Pascale, chief executive officer of Altea Green Power, commented, "I am definitely pleased with this co-development agreement, which allows us to add one more piece to our BESS Storage projects and thus touch a remarkable overall power. Being partnered with renowned international investors specializing in the renewable energy sector is a strong incentive, leading us to continuous comparison and significant improvement of business practices."

"In addition, the development of alternative energy and storage facilities offers an important boost to our economic growth and know-how. We look to the future with confidence: the high marginality of these projects facilitates our path toward achieving the ambitious economic and financial performance goals we have set for ourselves and declared in our five-year plan."

Altea Green Power rises 7.3 percent to EUR8.60 per share.

By Claudia Cavaliere, Alliance News reporter

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