The new limited liability company, Rinascita Modigliani S.r.l. (SPV), has been created to own, develop, and eventually sell the project. The transaction reinforces Heartland Renewables' expertise in advising clean energy investments in the European market and internationally.
The BESS project is designed to provide critical grid stability and ancillary services to the Italian national grid. The 260.4 MW facility will be one of the largest and most advanced BESS projects in Europe, playing a pivotal role in integrating a growing amount of intermittent renewable energy sources, particularly from the abundant solar and wind farms in the Puglia region.
“SG Family Trust is deeply grateful for this investment opportunity, to all our partners, and in particular Finam and Rinascita Holding’s Director, Andrea Masciotta, for his leadership efforts in bringing this deal together, and David Albert, Investor Relations Director of Heartland Renewables LLC,” said Shivaji Ramalingam, Director of SG Family Trust. ADVANT NCTM has advised SG Family Trust on the legal side of the transaction under the leadership of Giovanni Battista De Luca. “This is an exciting transaction for ADVANT NCTM Energy & Infrastructure department, and we are proud to act as a bridge between Canadian investors and Italian project developers for many more successful investments in the future,” said Giovanni Battista De Luca, Partner at ADVANT NCTM of Energy & Infrastructure department.
“We are incredibly proud to have guided our client through this pivotal transaction,” said Paul-Louis Crouzat, Director of Heartland Renewables LLC. “This project represents an exceptional opportunity in the rapidly expanding European energy storage sector. Our strong understanding of the market dynamics and our deep relationships with key stakeholders in Italy and abroad were instrumental to successfully closing this deal.”
The joint venture partnership aligns with the Canadian SG family trust’s long-term investment strategy to diversify its portfolio with high-quality, sustainable infrastructure assets that generate stable, long-term returns. The project's strategic location in Puglia, a hub for renewable energy generation, makes it a critical component of Italy's energy transition goals.
