SUSI Partners’ portfolio company ReFeel New Energy (“RNE”) has secured a 15-year capacity market contract for a fully authorised battery energy storage (“BESS”) project located in the Tuscany region.

The 15-year contract for EUR 47,000 per MW per year was awarded at the end of February at Italian transmission system operator Terna’s capacity market auction for the delivery year 2027. RNE’s BESS project, which has a peak capacity of 52 MW and can deliver a maximum of 207 MWh over a four-hour discharge duration, was the only BESS project in the Tuscany region winning a contract. The project received full authorisation in December 2024 and is entering construction in Q3 2025 with an expected start of commercial operations by Q1 2027.

By securing stable, long-term revenues, the contract mitigates merchant risk and provides downside protection against low electricity price periods. Moreover, the award reinforces the project’s credibility, demonstrating its ability to contribute to grid reliability and system adequacy in Italy’s evolving energy landscape. The awarded capacity market contract thus marks a significant milestone for RNE and demonstrates the maturing of its c. 980 MW BESS pipeline alongside its 320 solar PV pipeline with further projects expected to be ready to participate in future capacity market and upcoming energy storage capacity procurement mechanism (MACSE) auctions.

RNE was set up in early 2022 as a solar PV development platform within the SUSI Energy Transition Fund (“SETF”) and later expanded to include the development of BESS projects, leveraging SUSI’s longstanding experience in the sector. The company is led and co-owned by a highly experienced local management team with a 15-year track record as founders and managers of clean energy company ReFeel.

SETF – SUSI Partners’ evergreen equity fund – focuses on establishing and scaling up platforms which develop, construct, buy, and operate energy transition infrastructure assets in Europe and other key OECD markets. The Fund currently holds a well-diversified portfolio across a wider set of energy transition themes, including clean energy generation, energy efficiency, battery energy storage, customer energy solutions, and electric vehicle charging.

Learn more about ReFeel New Energy HERE.

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