Fund the development of a solar and storage portfolio in Italy
Following the success of a first tranche of financing, the Solar Reserve project, led by the group NRG Plus , aims to finance the development costs of a portfolio of photovoltaic projects and energy storage systems (BESS) located in several Italian regions. The portfolio includes both ground-mounted solar power plants, agrivoltaic projects, and storage units designed to enhance the flexibility of the electrical grid.
These projects, currently in the development phase , are set to reach the ready-to-build (Ready-to-Build) stage through the completion of technical and environmental studies, obtaining the necessary administrative authorizations under the Italian regulatory framework, and securing grid connection agreements with network operators .
This portfolio contributes to accelerating the energy transition in Italy , while strengthening the stability and security of the electrical system by combining renewable energy production with advanced battery storage solutions.
As part of a total fundraising of 4,000,000 euros, the group NRG PLUS FRANCE II is now opening a second tranche of 1,000,000 euros , uncapped up to 2,034,170 euros, offered at an interest rate of 9.5% .
The offer
Invest in the development of a solar and storage portfolio in Italy
The group NRG Plus offers an investment opportunity in the financing of Solar Reserve , a portfolio consisting of 7 renewable energy projects , including 4 energy storage projects (BESS – 427 MW / 2,618 MWh) and 3 agrivoltaic projects (145 MWp), developed and owned by NRG Plus France II SAS through 7 individual SPVs in Italy .
Here is the scheme of the legal structure of the operation:
The crowdfunding operation led by NRG Plus France II aims to raise up to 4,000,000 euros in the form of simple bonds , intended to finance the development costs to bring the entire portfolio to the Ready-to-Build stage.
This second tranche , with a target amount of 1,000,000 euros at an interest rate of 9.5% , uncapped up to 2,034,170 euros. The bonds are issued by the French company NRG Plus France II , which directly holds the Italian project companies.
The repayment of the bonds is expected through the transfer of the SPVs of the projects once the projects reach the ready-to-build stage, or through the structuring of bank financing on the most advanced assets .
Investors benefit from a guarantee consisting of the pledge of 100% of the shares of the Italian SPVs held by NRG Plus France II , ensuring a level of security aligned with market standards for renewable energy infrastructure development operations.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Solar Reserve T2 -
Obligation
9.5%/year over 2.8 years
Simulation - Rate : 9.5% / year on 2.8 ans
Initial investment:
€1,000
Repayments and interest:
€1,268.86
In 3 transfers
| Date | Interest* | Capital | Amount |
| 30/01/2027 | €78.86 | €0 | €78.86 |
| 30/01/2028 | €95 | €0 | €95 |
| 30/01/2029 | €95 | €1,000 | €1,095 |
| Total | €268.86 | €1,000 | €1,268.86 |
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*Gross interest before tax, including all fees ( view taxation ) The result presented is not a forecast of the future performance of your investments. It is only intended to illustrate the mechanics of your investment over the investment period. The evolution of the value of your investment may vary from what is shown, either increasing or decreasing. |
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The project
El portafolio de proyectos solares y de almacenamiento
El portafolio Solar Reserve agrupa 7 proyectos de energías renovables desarrollados por NRG Plus :
- 3 proyectos agrovoltaicos que suman 145 MWp, repartidos entre Lombardía, Emilia-Romaña y Apulia;
- 4 proyectos de almacenamiento BESS que representan 427 MW / 2,618 MWh, ubicados en Emilia-Romaña, Apulia y Molise.
Todos los terrenos han sido asegurados para el desarrollo, construcción y explotación de los proyectos, garantizando una estabilidad territorial a largo plazo. Los acuerdos de conexión han sido obtenidos del GRT, garantizando la disponibilidad de la capacidad necesaria para los proyectos.
Los estudios técnicos, topográficos y ambientales realizados hasta este punto confirman la viabilidad de los sitios, sin restricciones mayores identificadas.
Los proyectos agrovoltaicos siguen el procedimiento VIA + AU, mientras que los proyectos de almacenamiento BESS están sujetos únicamente a la Autorizzazione Unica (AU), lo que acelera su tramitación.
El desarrollador prevé continuar con el proceso administrativo en 2025-2026, con el fin de alcanzar el estadio listo para construir entre 2027 y 2028 , según la madurez de cada proyecto.
La ubicación del portafolio está estratégicamente repartida en zonas que presentan: - una fuerte irradiación solar, - una creciente demanda de flexibilidad de la red, - proximidad a puntos de conexión prioritarios.
Estos proyectos contribuirán activamente a reforzar la producción de energía renovable, al tiempo que aumentan la flexibilidad de la red eléctrica italiana, gracias a los 4 sistemas de almacenamiento de larga duración (8 horas) integrados en el portafolio.
Características de los 7 proyectos:
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Potencia total PV : 145 MWp
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Capacidad total BESS : 400 MW / 2,618 MWh
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Tecnología BESS : Litio-ion, duración de descarga 8h
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Vida útil estimada : 20 años
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Estado actual : en desarrollo – terrenos asegurados, conexiones obtenidas, autorizaciones en curso
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Objetivo RTB : 2027-2028
Ciclo de desarrollo de los proyectos
El portafolio Solar Reserve sigue un ciclo de desarrollo completo, desde la prospección de terrenos hasta la venta de los proyectos en el estadio Ready to Build (RTB).
Este proceso, que se extiende por varios años, permite maximizar el valor de los activos, al tiempo que se asegura cada etapa técnica, regulatoria y financiera.
Calendario y avance de los proyectos
Los 7 proyectos del portafolio Solar Reserve están repartidos en cuatro regiones italianas: - Lombardía (1 proyecto agrovoltaico), - Emilia-Romaña (1 proyecto Agri-PV y 1 proyecto BESS), - Apulia (1 proyecto Agri-PV y 2 proyectos BESS), - Molise (1 proyecto BESS).
Hasta la fecha:
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Los terrenos han sido asegurados para todos los proyectos , garantizando el dominio territorial de los sitios
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Las conexiones a la red (STMG) han sido obtenidas para los 7 proyectos , con el pago del fee de aceptación, confirmando su viabilidad eléctrica.
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La presentación de las autorizaciones AU/PAS ha sido realizada.
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El estadio RTB se estima entre 2027 y 2029, según la madurez de cada sitio.
Contexto energético y regulatorio – Italia
En 2022, aproximadamente el 83,7% de la energía consumida en el país era importada, lo que lo convierte en uno de los mayores importadores netos de energía en Europa. La mezcla eléctrica es altamente contaminante, con 44% de la producción total de electricidad realizada a partir de gas natural en 2024 .
Para reducir esta dependencia, el país se ha fijado objetivos ambiciosos en materia de transición energética, con más energías renovables que representaban también el 44% de la producción total de electricidad en 2024. Por estas razones, Italia prevé poner en servicio 44 GW adicionales de capacidad fotovoltaica para 2030 [1] , complementados por más de 15 GW de proyectos de almacenamiento autónomo (BESS) [2] para estabilizar la red.
Italia representa hoy uno de los mercados más prometedores para los sistemas de almacenamiento de energía (BESS), impulsado por una regulación en rápida evolución y por el desarrollo acelerado de las energías renovables. El crecimiento del almacenamiento no es, sin embargo, homogéneo en todo el territorio: algunas regiones ya muestran un nivel de madurez más elevado gracias a las capacidades instaladas, las inversiones y los contratos a largo plazo.
El gráfico siguiente ilustra la distribución del almacenamiento a escala regional, destacando las zonas más avanzadas así como aquellas con un fuerte potencial de desarrollo.
Desde el abandono de la energía nuclear en los años 80, Italia depende fuertemente de las importaciones de energía. Para reforzar su soberanía energética, el país lleva a cabo una transición ambiciosa: desarrollo masivo de energías renovables e integración de soluciones de almacenamiento para estabilizar la red.
Dos mecanismos clave acompañan la implementación de los sistemas BESS en la red:
- El mercado de capacidad , que remunera los medios de producción o de flexibilidad movilizables en caso de picos de consumo, para asegurar el suministro.
- El MACSE , puesto en marcha por Terna , que permite garantizar en tiempo real el equilibrio de la red eléctrica frente a la intermitencia de las energías renovables, contratando capacidades flexibles como las baterías.
Estos dispositivos refuerzan la atractividad del mercado italiano para los proyectos fotovoltaicos y de almacenamiento.
Para más información sobre el almacenamiento de energía, lea nuestra newsletter sobre los BESS aquí .
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Project owners
NRG PLUS is an independent international renewable energy group, specializing in the development of solar photovoltaic systems, onshore wind, and battery energy storage systems (BESS) , as well as the construction and operation of renewable energy projects through its sister company Renergeia . Founded in 2019 , the group is currently successfully developing over 2 GW of renewable energy projects.
A Competent and Committed Team
The company is led by Pierluigi Borgogna , Founder and CEO , who has over 15 years of international experience in the energy sector in Europe and Latin America. He is supported by Angelo Romano , Director of NRG PLUS ITALIA , an expert in project finance and development.
With a large team of over 100 professionals active in Europe and Latin America , NRG+ brings together expertise in engineering, permits, land acquisition, legal, environmental compliance, and investment structuring .
NRG+ Italia operates under a vertically integrated model, covering the entire value chain, from project development to construction and long-term operations . Its internal subsidiary, Renergeia , provides EPC and O&M services , ensuring cost control and high-quality execution.
Proven Experience in Delivering and Selling Renewable Energy Assets
NRG+ has developed and sold more than 30 renewable energy projects with a total capacity of over 1.4 GW in Italy , including in Molise, Puglia, Tuscany, Emilia-Romagna, and Basilicata. The company maintains a strong focus on environmental and social responsibility as well as promoting local engagement from the early stages of development .
The company has implemented an integrated and structured approach to project development, covering all critical phases - from initial site prospecting, engineering, and design to the completion of authorization procedures . This development process is the result of years of experience, internal capacity building, and robust collaboration models. NRG+ has invested in building a team and system that allows them to manage the entire value chain in-house – site prospecting, permits, network management, design, and project management.
This approach ensures efficiency, consistency, and control over the pipeline. It also provides transparency and reliability to partners, as all phases are traceable, documented, and led by professionals with in-depth expertise in the renewable energy sector in Italy .
A Long-Term Vision for the Energy Transition
With a growing presence in Africa and Asia , NRG+ aims to become a key player in the global energy transition. The company focuses on developing high-impact, sustainable, and investment-ready projects that support the transition to a low-carbon economy.
Our analysis
Risk overview
Counterparty risk
Risk of counterparty payment default that would jeopardize the project's cash inflows
Mitigation methods
At the intermediate stage of project development, the developer will prepare a full vendor due diligence documentation package for potential buyers. The Project Developer will also begin engaging with the market upstream in order to assess interest and ensure that the quality of the projects meets the requirements of potential investors. The portfolio has already been valued using conservative estimates to reduce the risk that proceeds would be insufficient to repay the debt. A maximum loan-to-value ratio of 20% must be respected. In the event of default, investors are also secured by a pledge over 100% of the SPVs. This pledge enables the sale of the Project Developer’s projects, the proceeds of which will be used to reimburse investors. Total Energies Invest also holds a consent right over the sale of the project SPVs. To further strengthen risk mitigation, the progress of previous projects carried out with the same group will be reviewed prior to any capital disbursement. Funds will only be released following a positive assessment.
Country risk
Risk of policy change
Mitigation methods
The renewable energy sector in Italy benefits from strong political support from a large part of the political class, with bipartisan government initiatives aimed at accelerating the energy transition. The country has committed to achieving carbon neutrality by 2050 by increasing the share of renewable energy in its electricity and energy mix, which remains highly carbon-intensive today. Geopolitical considerations related to energy independence and trade balance, in order to reduce reliance on foreign fossil fuel imports, are further arguments in favor of accelerating the deployment of renewable energies. Significant investments are also planned to modernize infrastructure and the grid to better integrate green energy sources, notably through energy storage projects and incentives for energy communities. The resilience of the portfolio is strengthened by the development of projects using different technologies, which helps diversify regulatory risks.
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
This risk relates to the issuance of permits, land rights, and potential third-party appeals that could delay or prevent the project from moving forward. To mitigate this risk, the Project Developer follows a rigorous development process that includes careful site selection, early engagement, and ongoing dialogue with local stakeholders and authorities. The team is composed of qualified in-house experts in legal, technical, and environmental fields, ensuring strong execution capacity throughout the permitting phase. A loan-to-value (LTV) monitoring mechanism, as well as collateral arrangements, are put in place to protect investors’ returns in the event of delays or underperformance.
Regulatory risks
Risk of changes in regulations applicable to the sector, involving reductions in subsidies or new taxes with a significant impact on project revenues.
Mitigation methods
Regulations can influence development timelines and the future valuation conditions of photovoltaic and storage projects. In Italy, the regulatory framework applicable to storage is evolving rapidly with the aim of clarifying and improving the remuneration mechanisms available to BESS projects, particularly within the MACSE scheme and the capacity market. At the same time, the country has set ambitious targets to increase its photovoltaic capacity, structurally supporting demand for new projects. To mitigate the potential impact of regulatory changes, the valuation assumptions used in the financial model are conservative: no public support mechanism or additional remuneration has been included, even though the projects could potentially benefit from such schemes in the future. The Solar Reserve portfolio has also been structured in a diversified manner, combining several regions and two different technologies (Agri-PV and BESS), in order to reduce exposure to localized regulatory decisions. In parallel, the Project Developer maintains continuous regulatory monitoring at both national and regional levels. This makes it possible to quickly identify any legal or administrative developments that could affect permitting procedures or revenue models, and to proactively adjust the development strategy to ensure compliance and optimize the future value of the projects.
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council . Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council . Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
