Location of the project

The project developed by Green Enesys Group involves funding the development cost of a solar photovoltaic power plants in Spain, Italy, and Germany and two BESS Stand-alone projects.

Details of the Project Portfolio

The portfolio consists of 11 projects currently in development across Spain, Italy, and Germany combining two technologies: photovoltaic plants (including agriPV) and stand-alone BESS.

Total capacity reaches 227.1 MW , broken down into 112.1 MWp of PV and 115 MW of BESS stand-alone, with 660 MWh of battery storage. Geographically, Italy represents the largest share of the portfolio, followed by Germany and Spain.

The two largest projects are BESS stand-alone assets located in Italy (Caivano at and Morante IV), which together account for approximately 50% of total portfolio capacity. While these are large-scale projects, their development timelines tend to be shorter than comparable PV assets.

In Spain and Germany, the portfolio is composed of standard mid-sized hybrid projects, averaging approximately 6.5 MW in Spain and not exceeding 35 MW in Germany. The electricity sales strategy for the portfolio is fully merchant, with an estimated annual PV production (P50) of 157,243 MWh.

Project number	Name	SPV	**Region **	Project type	Power capacity (MWp)	Capacity (MWh)	** P50 yield (kWh / kWp)**
1	El GLOBO	Almendro Desarrollos Fotovoltaicos España SL	Madrid - Spain	PV hybrid	6,5	-	1878
2	EL PASO	Almendro Desarrollos Fotovoltaicos España SL	Madrid - Spain	PV hybrid	6,5	-	1945
3	LILIUM	Almendro Desarrollos Fotovoltaicos España SL	Madrid - Spain	PV hybrid	6,5	-	1957
4	NATURA	Almendro Desarrollos Fotovoltaicos España SL	Madrid - Spain	PV hybrid	6,5	-	1936
5	LA CASTIZA	Acacia Desarrollos Fotovoltaicos España SL	Madrid - Spain	PV hybrid	6,5	-	2026
6	PARAÍSO	Zarza Desarrollos Fotovoltaicos España SL	Madrid - Spain	PV hybrid	5,1	-	1881
7	CORELLI II	Solar Victoria SRL	Basilicata - Italy	agriPV	20	-	1750
8	Morante IV	Solar Meditarreaneum SRL	Basilicata - Italy	BESS	-	50 MW 8hs – 400 MWh	-
9	CAIVANO BESS	Solar Patavium SRL	Campania - Italy	BESS	-	65 MW 4hs – 260 MWh	-
10	Grüntal	Solarpark Grüntal GmbH	Bradenburg - Germany	PV hybrid	19,5	-	916
11	Quaal	Solarpark Quaal GmbH	Mecklenburg - Germany	PV hybrid	35	-	899
TOTAL					112,1	115

In terms of progress, the portfolio is at an early development stage, with RTB dates scheduled between late 2027 and late 2028 . All projects, with one exception, have already secured both land rights and a grid connection point. Most are currently in the administrative approval phase with local authorities or regional councils.

It should be noted that the two German projects are currently undergoing review by an external technical advisor and are not included in this first tranche; upon receipt of the technical report, an additional tranche may be released at Total Energies Invest’s discretion.

Spanish Projects (PV & BESS)

El Globo, El Paso, Lilium and Natura are four Spanish hybrid projects located in the Community of Madrid. Developed under the SPV Almendro Desarrollos Fotovoltaicos España S.L.U., these projects consist of battery-hybridized photovoltaic plants, each with a capacity of 6.5 MW, for a combined PV capacity of 26 MW paired with 4-hour BESS storage.

Land leases have been secured for all four projects, which share the same landowners across a total area of 55.24 hectares, and grid hybridization acceptance has been obtained. The four plants are connected through a fully underground 20 kV line spanning 2,153 metres, composed of two circuits of 9.98 MW each. Grid connection is managed by i-DE Redes, with the sectioning substation repositioned within the fenced perimeter of the El Paso plant. The estimated P50 yield averages 1,929 kWh/kWp across the four projects, and construction permit approval is targeted for 1 April 2028.

💡 P50 or P90?

The P50 and P90 yields refer to the probability that the expected yield will be achieved in a year. Indeed, photovoltaic production is directly linked to the weather and therefore subject to daily and annual variations.

The P50 yield corresponds to a 50% probability of achieving the expected yield. It is therefore optimistic as it is achieved, on average, only one year out of two. With the same approach, the P90 has a 90% probability of being achieved, making it more conservative.

Italian Project (BESS)

Morante IV is a large-scale stand-alone BESS project located in the Basilicata region, in the municipality of San Mauro Forte. The plant is designed to deliver an effective active power of 50 MW at the AC terminals at the delivery point, with 8 hours of storage capacity, making it one of the largest assets in the portfolio . The system comprises 20 battery storage banks (lineups), each with a nominal DC storage capacity of 24 MWh.

Land lease has been secured and the STMG (grid connection study) has been accepted. A new delivery point is required, with an estimated build period of 20 months. Construction permit approval is expected in Q4 2027 or Q1 2028.

💡 BESS ? A Battery Energy Storage System (BESS) uses large-scale batteries to store electricity and release it when needed, helping balance supply and demand, especially as more renewable energy is integrated into the grid. By absorbing excess energy and supplying it during peak periods, BESS enhances grid stability and flexibility. It also provides services such as frequency regulation and reserve support.

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Spanish Market

Spain’s regulatory framework for renewable energy requires developers to secure grid access through an access and connection permit and obtain administrative and environmental approvals. The process concludes with a municipal work license granting Ready-to-Build (RTB) status, and typically takes 2 to 4 years.

The transmission network is operated by Red Eléctrica (TSO), while distribution is managed by operators such as Iberdrola (i-DE), Naturgy, EDP, and e-distribución.

Spain targets 81% of electricity from renewables by 2030, backed by €308 billion in planned investments , with ambitions of 76 GW of solar, 62 GW of wind, and 22.5 GW of storage. Well-connected to France and Portugal, Spain is one of Europe’s most dynamic green energy markets.

In 2024, electricity generation was largely renewable, with wind at 22%, solar PV at 19%, nuclear at 19%, hydropower at 14%, and natural gas at 18%. However, rapid solar growth is creating midday price pressure, driving a shift toward hybrid solar-plus-storage projects (PV + BESS) for better revenue optimization and stability.

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Italian Market

Italy’s regulatory framework for renewable energy projects above 1 MW relies on two procedures: * PAS (Procedura Abilitativa Semplificata) for projects between 1 and 20 MW, administered at the municipal level

• AU (Autorizzazione Unica) for projects above 20 MW. The process concludes with a building permit granting Ready-to-Build (RTB) status. Standalone BESS projects are exempt from Environmental Impact Assessment, a significant regulatory advantage.

The transmission network is operated by Terna, Europe’s largest independent TSO, alongside major producers such as Enel Green Power, Edison, A2A, ERG, and Plenitude.

Italy’s PNIEC 2024 targets 131 GW of new renewable capacity by 2030 , including 80 GW of solar, 28 GW of onshore wind, and at least 15 GW of battery storage, with renewables expected to supply at least 63% of electricity. Approximately €59 billion were mobilized for green transition initiatives between 2021 and 2026.

In 2024, Italy’s renewable share reached 47.3% of electricity generation (up from 26.3% in 2010), with total production at 279 TWh.

The rapid growth of solar and wind is driving strong demand for storage, particularly in southern regions and islands, where longer-duration BESS (4 hours+) supported by the MACSE mechanism could reach 58.5 GWh of capacity by 2030.

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German Market

Germany’s regulatory framework for ground-mounted solar and BESS projects rests on three pillars: * Grid connection (Netzanschluss) * Urban planning (Bauleitverfahren) * Environmental assessment (Umweltbericht).

The process is municipality-driven, with mandatory public consultations, and unresolved objections can block approvals or trigger legal challenges, resulting in a typical development timeline of 2 to 4 years.

The transmission network is operated by four TSOs: 50Hertz, TenneT, TransnetBW, and Amprion.

Germany targets 80% of electricity from renewables by 2030 , with 215 GW of solar and 115 GW of wind capacity as key milestones. Solar is already playing a central role, with approximately 117 GW installed in 2025, supported by the broader Energiewende strategy combining massive capacity deployment with grid modernization.

Electricity generation in Germany in 2025 totalled 509,820 GWh, with renewables accounting for nearly 56% of gross consumption . Wind led, followed by solar and biomass, while coal (20%) and natural gas (17%) still represent a significant share, reflecting the ongoing challenge of transitioning away from fossil fuels while maintaining grid stability.