1 minute read | December.15.2023
Orrick has advised Octopus Energy Generation, one of Europe’s largest investors in renewable energy, with £6bn of green energy assets under management, on its next investment into the Italian green power market through a partnership with Nexta to develop up to 1.5GW of utility-scale battery energy storage system (BESS) projects in Italy by 2026.
Octopus Energy Development Partnership (OEDP), which is managed by Octopus Energy Generation, is creating a new joint venture with Nexta Capital Partners, a Milan-based renewables developer.
This joint venture deepens OEDP and Nexta’s relationship following a joint venture established last year to develop onshore wind, solar farms and energy storage in Italy, on which Orrick advised Octopus Energy Generation.
OEDP invests in the early stages of developing green power and will provide funding to Nexta to secure land, grid connections, planning permission and local community engagement to get BESS projects to the ready-to-build stage.
Adam Smith, Orrick partner, commented: “We are thrilled to be working with our colleagues at Octopus again, and to support them as they continue to deploy capital in one of Europe’s most exciting prospects for BESS – especially for those who are entering the market early, i.e., now”.
Orrick’s London renewable energy team advised Octopus Energy Generation on all aspects of the joint venture. The team was led by Adam Smith and supported by Craig Bruce, Katrina Walsingham, David O’Donovan and Taylor Brien, and worked closely with Green Horse as Italian counsel.