​​ITALY: BESS developer Sphera Energy kicks off topco equity raise

Italy-based battery storage developer Sphera Energy has launched a first round of bidding for a stake in the business, it is understood.

The Milan-headquartered group was founded in early 2023, is backed by Emilia Romagna-located energy group Combigas, and is understood to be bringing forward a multi-GW pipeline of which circa 1 GW is at a late stage of development.

The developer mandated Nomura Greentech to support on the transaction in the summer, and kicked off the process last week with the issuance of materials to interested parties, according to market sources.

First round offers are forecast to fall due around the end of October.

Sphera Energy’s owners are mooted to be open to the sale of either a majority or minority stake in the business.

Sphera has lined up a sizeable pipeline of projects to bid into Italy’s first battery storage tolling auction, to be run by grid operator Terna.

Terna is projected to publish an update to the terms and conditions for the auction - which will lead to the awarding of long-term tolling contracts - in early Q4, with the first auction itself forecast to take place in spring 2025.

Projects which secure tolling agreements will derive most of their revenue from the contracts, although these will also allow for some limited additional upside, according to industry sources.

In addition to its Italian activities, Sphera also announced in July that it has closed a JV agreement alongside a German solar developer to co-develop a 500 MW / 1 GWh portfolio of standalone BESS projects across multiple federal states.

Sphera in late 2023 divested a 51% stake in a 500 MW Italian BESS pipeline to Pacific Green.

Sphere Energy did not respond to a request for comment.

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