KKR-backed ContourGlobal acquires energy storage projects in Italy

MILAN, July 3 (Reuters) - ContourGlobal has acquired battery energy storage systems in Italy with a combined power capacity of around 1.6 gigawatt and storage durations of up to eight hours, the energy company owned by U.S. investment firm KKR KKR.N said on Thursday.

WHY IT'S IMPORTANT

The battery projects, once fully developed, will position ContourGlobal for the first Italian auction, scheduled for September, in which the country will buy storage capacity to enhance use of renewable energy.

CONTEXT

Europe's battery storage capacity is expected to grow around five-fold by 2030, bringing with it increasing returns for energy majors, project developers and traders, as the cost of new projects falls.