Re-finance the development of a solar portfolio in Italy
The Campania solar project , developed by Sun Investment Group, comprises four photovoltaic projects located in Italy. This portfolio contributes to the energy transition and the roll-out of renewable energy in the region.
Following the success of the
first
and
second tranches
of funding, Sun Investment Group aims to raise a third and final tranche of
€666,940
.
The funds raised will be used to refinance the first tranche (March 2024), which covered the development of a portfolio of four projects in Italy (137 MWp)
that are in the final stages of development.
Sun Investment Group is a vertically integrated player in the European photovoltaic sector. Headquartered in Lithuania, the group currently operates in seven countries, including Italy, Poland and Spain, as an IPP and EPC.
The offer
Sun Investment Group, is offering an investment opportunity in the financing of a portfolio of 4 photovoltaic projects located in Campania (Italy), covered by the company SUN INVESTMENT ES FINANCIAL SERVICES 2, S.A.U.
Objective
Following the success of the first issue where €2.4 million has been raised, SIG is launching a a third and final tranche of €666,940 . The Sun Investment Group’s crowdfunding operation aims to raise up to 5 millions euros in the form of senior debt. A thrid tranche may be launch later to achieve this € 5million objective.
Use of funds
These funds will be used by the project developer to refinance the first bond issuance carried out in March 2024 via Total Energies Invest, which made it possible to cover the development needs of a portfolio of four projects in Italy (137 MWp).
This refinancing operation will allow SIG to have the necessary time and flexibility to successfully complete the final phase of development of this portfolio up to the ready-to-build stage , and will then give it the opportunity to sell these assets and/or secure long-term financing to fund their construction.
It should be noted that after the success of the first tranche, SIG has already reimbursed the investors from the first issue.
Reimbursement
The bonds will be repaid through the sale of the RTB projects or bank financing for the construction and operation of assets.
Warranty
Investors benefit from a pledge of 100% of the securities of the company holding the financed portfolio in Italy: Sig Project Italy 1 and the solidary guarantee of the parent company.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Campania Solar T3 -
Obligation
9%/year over 1.8 year
Simulation - Rate : 9% / year on 1.8 ans
Initial investment:
€1,000
Repayments and interest:
€1,161.26
In 2 transfers
| Date | Interest* | Capital | Amount |
| 24/02/2027 | €71.26 | €0 | €71.26 |
| 24/02/2028 | €90 | €1,000 | €1,090 |
| Total | €161.26 | €1,000 | €1,161.26 |
|
*Gross interest before tax, including all fees ( view taxation ) The dates are indicative. The final dates will be available once the project is officially closed. 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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Announcements
Replay of the Total Energies Invest x Sun Investment Group webinar
Did you miss our exclusive webinar? No worries, here’s the replay!
Discover everything you need to know about the Campania Solar financing campaign with Gonzalo Crespo, Michele Di Mauroy and Maria Giulia Salvucci from SIG, Manon Teneze and Lou Sarie, project managers, and Flore Martinson, Investor Relations Manager at Total Energies Invest Spain.
Our experts will answer all your questions about this project.
Don’t miss this opportunity to learn more and explore Campania Solar in detail!
👀 Discover Campania Solar and our speakers’ answers to investors’ questions
The project
Approval progress
| Project | Project status – 1ʳᵉ emission (March 2024) | Project progress (December 2025) |
|---|---|---|
| Cancello e Arnone 1 | Start of environmental studies | Regional process: EIA directly integrated into AU issued by the region. AU currently being processed. |
| Cancello e Arnone 2 | Start of environmental studies | MASE process: Positive opinion issued by the technical committee for environmental assessment and awaiting MASE validation. Next, the urban planning procedure (AU) will begin with the region. |
| Castelvolturno 2 | Start of environmental studies | MASE process: Positive opinion issued by the technical committee for environmental assessment and awaiting MASE validation. Next, the urban planning procedure (AU) will begin with the region. |
| Mondragone | Start of environmental studies |
MASE process: Positive opinion issued by the technical committee for environmental assessment and awaiting MASE validation. Next, the urban planning procedure (AU) will begin with the region.
|
Portfolio progress
The four projects are held by SIG Italy 1, a company incorporated under Italian law.
-
For the 19.5 MW project (Cancello e Arnone 1): administrative procedure carried out directly with the Campania region, including an environmental study.
- For the other 3 projects: procedure with MASE*, involving a public consultation and prior environmental assessment — the technical committee has issued a positive opinion, a key milestone for the development of the projects.
All four projects are in the final phase of obtaining the Single Authorization (AU) , issued by the region, and are expected to be ready to build by the end of 2026.
*MASE (Ministry of the Environment and Energy Security, i.e. the Italian Ministry of the Environment and Energy Security).
Details of the project
| Categories | Data | |
|---|---|---|
| Technical | Number and nature of projects | 4 ground-mounted PV power plants |
| Project status | In final development phase | |
| Total capacity | 137.9 MWc | |
| Project | P90 yield | Approximately 1,733 kWh / kWc |
| Average selling price | Free market | |
| Financial | DEVEX amount | €13.5 million |
| Estimated total investment amount (CAPEX) | €113.6 million | |
| Investment amount / Watt | €0.92 / watt |
Location of the 4 projects
Portfolio characteristics
| Project Name | Region | Capacity (MWc) | P90 Production (kWh/kWc) | Land | Grid Connection | Estimated RTB Date | Sale Price (€/MWh) | DevEx (k€) (development) | CapEx (k€) (construction) | Total Cost / Watt |
|---|---|---|---|---|---|---|---|---|---|---|
| Cancello e Arnone 1 | Campania | 29.2 | 1,736 | secured | Approved | Dec-26 | free market | 2,829 | 23,764 | €0.91 |
| Cancello e Arnone 2 | Campania | 34.1 | 1,77 | secured | Approved | Dec-26 | free market | 3,416 | 28,694 | €0.94 |
| Castelvolturno 2 | Campania | 55.1 | 1,728 | secured | Approved | Dec-26 | free market | 5,506 | 46,25 | €0.94 |
| Mondragone | Campania | 19.5 | 1,701 | secured | Approved | Dec-26 | free market | 1,708 | 14,952 | €0.85 |
| TOTAL | 137.9 | 13,459 | 113,66 | 0,92 € |
💡
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.
Financial structure
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Project owners
A leading European solar player in full expansion
Sun Investment Group (SIG), headquartered in Lithuania, is one of Europe’s leading developers of solar photovoltaic projects. Active in 4 countries including Italy, Poland, and Spain, the group controls the entire value chain—from project development to construction, operation, and maintenance. Initially focused on selling its assets once operational, SIG is now shifting towards an Independent Power Producer (IPP) model, retaining its plants to generate steady revenues through electricity sales. This strategic transition involves significant capital investment and greater diversification in funding sources, including opening up to crowdfunding. With over 2.7 GWp in development and more than 200 MWp already operational, SIG is well on its way to becoming a key player in the European renewable energy market.
SUN INVESTMENT GROUP
Sun Investment Group (SIG) is one of the leading solar photovoltaic energy development groups in Europe.
Headquartered in Lithuania, the group currently operates in 4 countries, including Italy, Poland, and Spain, as an Independent Power Producer (IPP) and EPC contractor (Engineering, Procurement, and Construction).
SIG covers the entire solar PV value chain: from development to construction, including operations and maintenance, with the ability to optimize costs and generate value at each stage of the asset lifecycle.
The group’s financing strategy is mainly based on private loans raised from investment funds. This is the first time SIG has used crowdfunding to finance project development.
Previously focused on selling developed/built assets once they reached the “ready-to-build” or operational phase, the group is now shifting to an IPP (“Independent Power Producer”) business model. Assets will be retained to generate regular cash flows from electricity sales. This model requires significant capital expenditures.
Founded in 2017, the group has over 2.7 GWp under development and already operates more than 200 MWp. According to the company, SIG’s asset portfolio is valued at over €80 million.
Our analysis
Risk overview
Counterparty risk
Risk of counterparty payment default that would jeopardize the project's cash inflows
Mitigation methods
The SIG Group's solidity is well established, with a development pipeline of more than 3 GW worldwide (and nearly 700 MW). Financial capacity is within industry standards for a developer of this size.
Country risk
Risk of policy change
Mitigation methods
Italy is a politically stable country. However, the main challenge remains climate risk, which it is attempting to mitigate through appropriate infrastructure and stricter environmental standards against natural disasters.
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
SIG's teams have significant expertise and experience in the development of photovoltaic projects in Italy. In addition, the project portfolio presented is at an advanced stage of development. A mechanism for monitoring project development, the loan-to-value (LTV) ratio, and collateral are in place to protect investor returns in the event of delays or underperformance.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
Several repayment options are being considered, either through the sale of certain projects as development stages are completed, or through equity contributed by SIG. Refinancing may be possible, either through a bank loan to refinance the projects at a more favourable interest rate or through bond refinancing with Total Energies Invest. In the event of default, Total Energies Invest may also activate the security taken on this financing. This will involve enforcing the pledge on the securities of the Spanish company holding the Italian projects.
Risk of natural disaster
Risk of extreme weather conditions that could impact the profitability of the parks or even destroy them (storms, fires).
Mitigation methods
The main challenge remains climate risk, which it is attempting to mitigate through appropriate infrastructure and stricter environmental standards against natural disasters.
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.
