Redelfi S p A : BESS Power Corporation secures financing agreement with Leyline Renewable Capital for up to $15 Million

Below is the press release and by clicking here it can be downloaded in pdf.

BESS POWER CORPORATION SECURES FINANCING AGREEMENT WITH LEYLINE RENEWABLE CAPITAL FOR UP TO $15 MILLION

THE PROJECTS UNDER DEVELOPMENT CURRENTLY COUNT MORE THAN HALF OF THE ORIGINALLY STATED TARGET. THIS TRANSACTION ALLOWS FOR THE EXPANSION OF THE PIPELINE TO 2.4 GW IN THE NEXT 4 YEARS.

Milan, August 21 2023

Redelfi S.p.A. ("Redelfi" or the "Company"), a company under the industrial group of the same name with operational headquarters in Genoa, Italy - committed to the development of innovative and sustainable infrastructure to facilitate the energy transition and Altea Green Power S.p.A. ("AGP") - active in the development and implementation of initiatives in the field of renewable energy and energy efficiency - both listed on the market Euronext Growth Milan announce that BESS Power Corp. ("BESS Power"), a 65% subsidiary of RAL Green Energy Corp. (a company equally owned by Redelfi and AGP) signed a financing agreement with Leyline Renewable Capital L.L.C. ("Leyline") for up to $15 million to be used for the implementation of the Battery Energy Storage System stand-alone ("BESS") pipeline in the U.S. territory.

Leyline is a U.S.-based company that invests in renewable energy, providing financing to support projects from the early stage of development through construction.

The fixed-rate loan, with a term of 3 years with the possibility of extension for an additional 12 months, will enable BESS Power to have the necessary capital for the development of the projects, by means of draws, which BESS Power itself can make on the basis of actual need, and the amount of which will be proportionate to the progress of the projects.

Thanks to the acceleration that BESS Power's development activity has experienced in recent months, the pipeline now has active projects of 900 MW, which is more than half of the target capacity originally stated when the Corporation was established. The financing agreement signed with Leyline, therefore, will allow BESS Power to expand the pipeline, compared to what was initially planned, up to a target of 2.4 GW, therefore, due to this operation, Redelfi will likely update the estimates included within the business plan communicated last November 2, 2022.

The signing of the aforementioned loan creates the prerequisites for the activation of the reward mechanism defined at the time of the establishment of BESS Power in favour of the minority shareholder Elio Energy Group LLC ("Elio"), which provides for the transfer by RAL to Elio of a percentage of shares in BESS Power not exceeding 15 percent, in recognition of the enhancement of the pipeline contributed to BESS Power.

Davide Sommariva, Chairman of the Board of Directors of Redelfi S.p.A. commented, "The agreement with Leyline will allow the Group to continue its activities in the American market, through BESS Power, with the same speed with which it is currently advancing. Exceeding the target set in just a few months confirms BESS Power's ambition to gain important leadership in the American market. We are very pleased with the results so far."

Giovanni Di Pascale, CEO of Altea Green Power commented, "The agreement signed with Leyline will provide a further boost to the implementation of the stand-alone Battery Energy Storage System pipeline. This is an important piece that adds to the first remarkable result, reached at the end of June, with the Lund Storage project. Storage in Italy, as in the United States, is a promising market, and we as Altea Green Power are ready to deploy the know-how and expertise of our team to seize the best opportunities that will result."

Pandelis Vassilakakis, CEO of BESS Power commented, "Having the Leyline team share our vision of highly optimized energy storage solutions for a resilient grid is an exciting step in our journey. With BESS Power's requisite technical expertise and experience in greenfield development, supplemented by Leyline's longstanding financial capabilities and market knowledge, I am confident we will achieve our target goal and beyond. This transaction further strengthens our mission to drive growth in the sustainability sector and gives confidence to the company stakeholders with regards to our financial position in the market."

This press release is available on website www.redelfi.com, section Investor Relations > Press Release, on the website www.alteagreenpower.it, section Investor Relations > Financial press release and on www.1info.it.

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Redelfi is a company, head on homonymous Group, engaged in the field of digital and green transition through business three Business Unit, active in Green, MarTech and GreenTech. Each Business Unit adopts a strongly innovative approach in the definition of products, services and processes with an highly attention on the respect on ESG criteria and governance.
In fiscal year 2022, the Group achieved a Value of Production (pro forma consolidated) of € 4.5 million and a Net Income of € 0.27 million. Net Financial Position was € 0.6 million and Net Equity was € 9.2 million. In 2022, the Group made investments of approximately € 6.4 million.

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Altea Green Power: Altea Green Power is a company active in the development and construction of plants for the production of energy in respect of the environment and ad a "service integrator", turning its capabilities to private individuals, companies, antities and investors interested in a complete assistance during all the phases of realization and management for a wide range of plant types, in particular in the photovoltaic, wind, cogeneration, biomass, storage and energy efficiency fields, contributing to the reduction of pollution. Founded in 2008 by the will of Giovanni Di Pascale, under the name of Altea Energia, in October 2021 changed its name to Altea Green Power and today can boast the turnkey supply of numerous photovoltaic and wind plants throughout Italy, the development and sale of projects for as many MW for co-investment and current developments in the field of wind and biomass under finalization. It has contracted, in fact, 800 MW in Co-development with some of the major players worldwide. From 1 February 2022 it is listed on the Euronext Growth Milan market of Borsa Italiana.

Contacts:

Companies:
Redelfi | Investor Relations Manager | Erika Padoan | [e-mail] | T: [phone] | via A. Scarsellini, 119 Torre B "I Gemelli" 11 piano, 16149 Genova
Redelfi | Media Relations | Carolina Beretta | [e-mail] | via A. Scarsellini, 119 Torre B "I Gemelli" 11 piano, 16149 Genova

Altea Green Power| Investor Relations Manager | Salvatore Guarino | [e-mail] | Corso Re Umberto, 8, 10121 Torino

EURONEXT GROWTH ADVISOR & SPECIALIST
Integrae SIM | [e-mail] | T: [phone] | Piazza Castello, 24 - 20121 Milano

INVESTOR & FINANCIAL MEDIA RELATIONS FOR REDELFI
IR Top Consulting | Investor Relations | [e-mail] | T: + 39 02 4547 3884/3 | Via Bigli, 19 - 20121 Milano
IR Top Consulting | Media Relations | [e-mail] | T: + 39 02 4547 3884/3 | Via Bigli, 19 - 20121 Milano

INVESTOR & FINANCIAL MEDIA RELATIONS FOR ALTEA GREEN POWER
CDR Communication |Investor Relations | Silvia Di Rosa|[e-mail]
CDR Communication | Investor Relations | Marika Martinciglio|[e-mail]
CDR Communication |Media Relations| Stefania Trevisol|[e-mail]
CDR Communication | Media Relations |Angelo Brunello |[e-mail]