Finance the development of a portfolio of agrivoltaic plants in Italy
The Solar Completion project, led by NRG Plus France III , aims to finance the development costs of a portfolio of agrivoltaic projects in late-stage development, approaching ready-to-build status in Italy. The projects, located in the provinces of Campobasso, Foggia, and Potenza, are expected to reach ready-to-build (RTB) stage in 2028.
The funds will be used for the integration of technical and environmental studies, the update of the technical design of the projects to incorporate the latest available technologies, the recurring payments to landowners necessary to preserve the land rights already secured, as well as the payment of previously agreed sums to the former project owner.
This portfolio contributes to accelerating Italy’s energy transition.
The company NRG PLUS FRANCE III is seeking to raise an initial tranche of €1,200,000 at an interest rate of 9.5%, with the potential to increase to €1,450,000.
The offer
The NRG Plus Group, an Italian company, offers an investment opportunity in financing a portfolio of 4 agrivoltaic projects under development in Italy, grouped within the company NRG PLUS FRANCE III (French law).
OBJECTIVE
The NRG Plus Group’s crowdfunding operation aims to raise up to €1,450,000 in senior debt.
USE OF FUNDS
These funds will be used by the project sponsor to finance the development costs of the projects.
REPAYMENT
Repayment of the bonds will be made through the sale of the projects once they reach the ready-to-build stage.
SECURITY
Investors benefit from a 100% pledge on the shares of the SPVs holding the projects.
LEGAL STRUCTURE & TOTAL ENERGIES INVEST’S ROLE
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Solar Completion -
Obligation
9.5%/year over 3 years
Simulation - Rate : 9.5% / year on 3 ans
Initial investment:
€1,000
Repayments and interest:
€1,285
In 3 transfers
| Date | Interest* | Capital | Amount |
| 26/05/2027 | €95 | €0 | €95 |
| 26/05/2028 | €95 | €0 | €95 |
| 26/05/2029 | €95 | €1,000 | €1,095 |
| Total | €285 | €1,000 | €1,285 |
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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
122.5 MWp of photovoltaic capacity under development
Solar Completion is an Italian portfolio of 4 photovoltaic plants under development. These projects stand out for being agrivoltaic, allowing the continuity of existing agricultural operations.
💡 What is agrivoltaics?
A photovoltaic installation is considered agrivoltaic when it is located on the same plot as an agricultural production, providing one of the following services:
- adaptation to climate change
- access to protection against weather hazards
- improvement of animal welfare
- agronomy for crop needs
The agrivoltaic installation must neither degrade agricultural production nor reduce the income derived from it.
The 4 projects will have a total capacity of 122.51 MWp and will produce 187,862 MWh annually, equivalent to the consumption of 84,200 French people (sources: ADEME and INSEE).
To date, the projects are at an advanced stage of development. They have all secured the land through purchase agreements and have paid the necessary connection deposits. Additionally, NRG Plus has already committed €393,000 in development costs.
The next development steps are as follows:
- land acquisition;
- integration of documentation related to environmental studies, following observations from public authorities;
- updating the project design and connection scheme to incorporate received requests and include the latest technological developments.
The projects are expected to reach the ready-to-build stage between mid-2027 and mid-2028.
| Projects | Provinces | Capacities | Agricultural Projects | Expected Ready-to-Build Status Dates |
|---|---|---|---|---|
| 1 | Foggia | 36.08 MWp | Grasslands, broccoli, and fallow land | 08/2027 |
| 2 | Foggia | 41.45 MWp | Lavender, olive trees, and beekeeping | 03/2028 |
| 3 | Campobasso | 36.13 MWp | Lavender, olive trees, and beekeeping | 06/2028 |
| 4 | Potenza | 26 MWp | Lavender, olive trees, and beekeeping | 06/2028 |
💡 The unit “MWp” (pronounced MegaWatt peak) corresponds to the electrical power output of a photovoltaic panel under standard measurement conditions:
- Air temperature at 25°C
- Standard sunlight at 1,000 Watts per square meter
The “MWh” (pronounced MegaWatt hour) is a unit of energy. It is a unit of power multiplied by a unit of time.
💡 1 MW = 1,000 kW = 1,000,000 W
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Impact
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 .
| Pierluigi Borgogna – Founding CEO | Angelo Romano – Director of Sales and Investment |
| Pierluigi Borgogna holds a Master of Science in Business Administration, Corporate Finance and Management Accounting from Bocconi University in Milan and has over 15 years’ international experience in the energy sector. After living in Latin America, he founded NRG Plus Global. Through this company, he designs, develops and implements large-scale projects in the fields of solar photovoltaics, energy storage and sustainable energy infrastructure, with an active presence in Europe and Latin America. | Director of Sales and Investment A graduate with honours in the Economics of Financial Institutions and Markets from the Università degli Studi di Siena and Oxford Brookes University, Angelo Romano has over 15 years’ experience in the fields of renewable energy, corporate finance and mergers and acquisitions. As Director of NRG Plus Italia, he oversees the development of over 2 GW of solar, wind and storage projects across Europe and Latin America, bringing recognised expertise in governance, negotiation 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
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
Le risque est ici maîtrisé par (a) le nantissement de 100% des titres de la société émettrice, détentrice de 100% des droits des projets ainsi que par (b) un engagement de la société à maintenir un ratio de LTV au montant préalablement fixé dans la documentation juridique. La société s’engage par ailleurs, au travers de la documentation, à substituer tout projet qui rencontrerait des difficultés et/ou serait abandonné durant la durée de vie de l’emprunt obligataire. La maturité de 3 ans des obligations devrait permettre à NRG PLUS de finaliser le développement de ses projets et in fine, de procéder à la cession du portefeuille. Cette cession permettrait le remboursement d’Total Energies Invest. En parallèle de ces projets, la société possède près de 3,44 GW de projet en développement, qui pourraient venir remplacer certains projets du portefeuille ou même être cédé par le groupe pour subvenir à ses obligations.
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
Depuis sa création, NRG PLUS est parvenu à vendre près de 2 GW de projets d’énergie renouvelable au stade RTB. Développé à 100% en interne, ce chiffre démontre la capacité de la société à mener à bien le développement de projets EnR. Grâce à ses équipes qui comprennent près de 14 collaborateurs, présentent sur l’ensemble de la chaîne de valeur de projets, la société parvient à maîtriser chaque étape de développement, tout en gardant sous contrôle les coûts associés. Présent en Italie depuis 2021, la société compte aujourd’hui 14 collaborateurs dédiés au développement de projet dans le pays, lui permettant d’assurer une gestion optimale de ses projets et de gérer aux mieux les processus de développement propres au pays. NRG PLUS prévoit par la suite de recruter près de 5 nouveaux collaborateurs.
Market risk
Risk related to being in a competitive market where new players enter the competition each year
Mitigation methods
Le risque de porteur de projet est limité au même titre que le risque sponsor par (a) la capacité cédée du sponsor, et (b) l’organisation du groupe. Par ailleurs, les états financiers de NRG PLUS témoignent d’une situation satisfaisante : résultat net positif, chiffre d’affaires croissants etc.
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.
