Altea Green Power has sold nine early-stage battery projects in Italy to Renewable Power Capital for about $74 million. None of the projects is built and none has reached the point where construction can start. Altea will keep working on them for roughly three and a half years. Part of what it is paid depends on how that work goes.
Key takeaways
- Altea Green Power announced on 21 March 2024 that it had sold nine battery energy storage projects in Italy, with a combined capacity of more than 1.1 GW, to Renewable Power Capital (RPC) for about $74 million.
- On top of the $74 million price, the Altea and RPC agreement includes a success fee of up to $16.3 million, to be determined by performance metrics agreed between the two companies.
- Altea Green Power expected receipts of about $16.3 million from the RPC agreement in 2024, depending on milestones, of which it received about $5.9 million at signing.
- Under the deal, Altea will take the nine Italian battery projects through permitting to the Notice to Proceed stage over about 3.5 years on behalf of RPC's investment fund.
- At about $0.067 million per MW, the Altea sale is the highest of three priced early-stage Italian battery deals Enerdatics records since the start of 2023, against a median developer premium of $0.04 million per MW.
What did Renewable Power Capital actually buy?
A set of companies holding early-stage projects, plus a contract for the seller to keep developing them. Altea transferred its special purpose companies and projects to RPC's fund for long-term co-development. Ownership has moved to RPC's fund. The development work has not.
That structure is common at the early end of the battery market, where the value of a project lies mostly in permits and grid access that have not yet been secured. Notice to Proceed is the milestone at which a project is cleared for construction to begin. Until then, the buyer is paying for the likelihood that a site will get there. Keeping the original developer in charge of the process, with money at stake, is a way of aligning that likelihood with the developer's own interest.
The portfolio also passed through a pre-notification under Italy's Golden Power legislation, the national regime for screening foreign investment in strategic assets. The record places the nine projects in various regions of Italy without naming them, so the screening covered a portfolio spread across the country rather than one site.
How much of the price depends on performance?
Up to about a fifth of the total, on the record's figures. The base price is about $74 million. The success fee adds up to $16.3 million, which would lift the total to about $90.3 million if paid in full. The fee is tied to performance metrics the two parties have agreed, and the record does not spell those metrics out.
The cash also arrives in stages rather than at signing. Altea expected about $16.3 million of receipts in 2024 from the agreement, depending on milestones, and had received about $5.9 million when the deal was signed. The two figures of $16.3 million are separate. One is a cap on the success fee over the life of the deal. The other is what Altea expected to receive in the first year.
Altea has also said the agreement gives it a project EBITDA margin higher than the one in its 2024 to 2028 plan presented to investors. For a seller, that is the clearest sign that the price, including its contingent part, came in above its own expectations.
How does the price compare per megawatt?
It is high for early-stage Italian batteries. Leap records the base price at about $0.067 million per MW of the portfolio's 1.1 GW. If the full success fee were paid, the figure would rise to about $0.082 million per MW. The $5.9 million paid at signing, by contrast, works out to about $0.005 million per MW, a small fraction of the headline. Most of the price is paid as the projects advance.
Enerdatics records 37 Italian battery deals since the start of 2023. Only four asset deals among them carry a price that converts to a per megawatt figure, with a median of $0.05 million per MW. Narrowing to early-stage projects leaves three priced deals and a median developer premium of $0.04 million per MW: a 196 MW sale in January 2025 at about $0.018 million per MW, a 509 MW sale in November 2025 at about $0.035 million per MW, and Altea's sale at about $0.067 million per MW. Altea's base price is already the highest of the three before any success fee is paid.
What does the deal signal for Italy's battery market?
It marks the arrival of a new class of buyer that pays early and pays for development help. This was RPC's entry into Italian storage, a market it described as a priority with significant growth potential. The two companies are targeting 1 GW of battery storage across Italy together. RPC had already bought a 50 MW ready-to-build battery project in Finland from ib vogt and a 57 MW battery project in the UK earlier in 2024. Its approach elsewhere has been to assemble portfolios and fill them with contracts, as with the four buyers it signed for its Swedish wind cluster.
The Italian market itself was gathering pace. Enerdatics records seven Italian battery deals in 2023, ten in 2024 and twelve in 2025, with eight more so far in 2026. The largest priced transaction remains at the other end of the risk scale: Sosteneo's purchase of a stake in Enel's battery subsidiary, announced three weeks before the Altea deal. Between those two, the market has a price for construction-ready batteries backed by long-term contracts and a much thinner one for projects that still need permits. How much of Altea's success fee is eventually paid will show which way that early-stage price moves.
Frequently asked questions
How much did Renewable Power Capital pay for Altea Green Power's battery projects? RPC agreed to pay about $74 million for nine Italian battery projects totalling more than 1.1 GW, with an additional success fee of up to $16.3 million linked to agreed performance metrics.
What stage are the Altea battery projects at? The nine projects are early-stage. Altea Green Power will handle permitting and other steps to bring them to the Notice to Proceed stage over about 3.5 years on behalf of RPC's fund.
Who advised on the Altea and RPC deal? Ashurst was legal advisor and Fichter technical advisor to RPC. DLA Piper and Green Dealflow acted as legal and transaction advisors to Altea Green Power.
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