Finance the development of a storage portfolio in Canada
After successfully financing its first portfolio on our platform at the end of 2025 , Alternative Green Energy is looking to raise funds for a second development portfolio of six BESS projects located in Alberta, Canada.
Alternative Green Energy (AGE) Group is seeking to raise an initial tranche of 1 million euros with a ceiling that can be increased to 2.5 millions euros and has a total fundraising target of 5 million euros. The funds raised will be used for financing the development costs of six BESS projects, of 100MW each, in Alberta, Canada.
These projects share a consistent development profile, with Commercial Operation Date (COD) targeted for Q1 2029, and all key fundamentals already secured, including land and grid connection.
Due to a group-wide restructuring, Gammo Canada S.A. and Gammo Investment SA are newly incorporated companies and therefore do not yet have annual financial statements available. For the purpose of this project, our analysis is based on the annual financial statements of the sponsor’s Italian entity, AGEAC Holdco Srl. The annual accounts of the 2 new companies will be analyzed during the first follow up committee.
The offer
Objective
Alternative Green Energy (AGE) Group is seeking to raise an initial tranche of 1 million € with a ceiling that can be increased to €2.5 million, and has a total fundraising target of €5 million euros in the form of senior debt.
Use of funds
Group AGE, a Luxembourg based company specializing in the development, the engineering, and the construction of renewable energy projects, is offering an investment opportunity in the financing of the development of 6 Battery Energy Storage System projects (BESS) in Alberta, Canada.
Repayment
The repayment strategy is based on the asset sale when projects reach the RTB status. Alternatively, the project owner has the possibility of refinancing the project through a bank if no buyer is found.
Warranty
The guarantees are provided through a pledge over 100% of the local Canadian shares held on each special purpose vehicle (SPV). In the event of default, these collaterals could be activated, with a valuation higher than the amount raised.
Financial structure
- Issue of simple bonds in Luxembourg by Gammo Canada SA.
- Pledge of 100% of the SPV securities in Canada.
- The transaction was supported by 2 law firms, one in Luxembourg to structure the transaction and the other one in Canada for the pledge agreement.
Taxation
Interest paid on this bond issue is not subject to withholding tax in Luxembourg and is taxed in France according to your applicable regime, provided that subscribers are neither parties related to the Issuer nor individuals who are tax residents in Luxembourg. Subscribers who are tax residents in Luxembourg are invited to contact Investor Relations.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Aurora Storage -
Obligation
9.5%/year over 3 years
Simulation - Rate : 9.5% / year on 3 ans
Initial investment:
€5,000
Repayments and interest:
€6,425
In 3 transfers
| Date | Interest* | Capital | Amount |
| 19/03/2027 | €475 | €0 | €475 |
| 19/03/2028 | €475 | €0 | €475 |
| 19/03/2029 | €475 | €5,000 | €5,475 |
| Total | €1,425 | €5,000 | €6,425 |
|
*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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Announcements
Replay of the Total Energies Invest x Alternative Green Energy webinar
Did you miss our exclusive webinar? No worries, here’s the replay!
Discover everything you need to know about the Aurora Storage financing campaign with Ruben Santos, Sergio Fernández from AGE, Shaun Andrews from Teric Power, Simon Thébault, Mathieu Detournay and Manon Teneze from Total Energies Invest Spain.
Our experts will answer all your questions about this project. Don’t miss this opportunity to learn more and explore Aurora Storage in detail!
👀 Discover Aurora Storage and our speakers’ answers to investors’ questions
The project
Location of the 6 projects
The portfolio developed by Alternative Green Energy, carried by Gammo Canada SA, comprises six battery energy storage system (BESS) projects located in Canada, in the province of Alberta. These projects are strategically positioned to maximize their impact on the grid and the market.
💡
BESS ?
A BESS (Battery Energy Storage System) project uses large-scale batteries connected to the power grid to store electricity and release it when needed. It helps balance supply and demand, especially as more renewable energy is integrated into the system.
By absorbing excess energy and delivering it back during peak periods, BESS improves grid stability and flexibility. It also provides essential services such as frequency control and reserve support.
Details of the project progress
The six SPVs are all located in Canada and benefit from grid connection points that have already been identified and secured. The projects are designed to connect at a voltage level of 138 kV, allowing them to access frequency-related markets and support higher-power battery installations.
This technical configuration enables the projects to provide essential grid services while strengthening network reliability and reducing transmission losses. The use of existing or clearly defined connection infrastructure also helps streamline development, control costs, and reduce execution risks.
Each battery energy storage system is designed to store excess energy and release it during periods of peak demand, contributing to grid flexibility and overall system stability.
| Name | SPV | **Localisation ** |
Area
(ac) |
Distance from connection point
(Km) |
Substations for grid connection |
Voltage levels
(kV) |
Land status | Connection status | RtB | Sale | COD |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Warbler | SPV1 | Warbler | 8 | 1,1 | New radial transmission line to existing Benalto 17S | 138 | Secured (GLA signed) | pending GUOC payment | Q2 2027 | Q3/Q4 2027 | Q1 2029 |
| Vireo | SPV2 | Vireo | 10 | 3 | T-tap to existing transmission line 170L | 138 | GLA is expected soon (LOI signed) | pending GUOC payment | Q2 2027 | Q3/Q4 2027 | Q1 2029 |
| Kinglet | SPV3 | Kinglet | 8 | 0,7 | Radial transmission line to existing Cypress 562S | 138 | Secured (GLA signed) | pending GUOC payment | Q2 2027 | Q3/Q4 2027 | Q1 2029 |
| Siskin | SPV4 | Siskin | 12 | 0,3 | T-tap to existing transmission line 759L | 138 | Secured (GLA signed) | pending GUOC payment | Q2 2027 | Q3/Q4 2027 | Q1 2029 |
| Cowbird | SPV5 | Cowbird | 7 | 0,6 | Radial transmission line to existing Tilley 498S | 138 | Secured (GLA signed) | pending GUOC payment | Q2 2027 | Q3/Q4 2027 | Q1 2029 |
| Osprey | SPV6 | Osprey | 12 | 1,4 | Radial transmission line to existing Tucuman 478S | 138 | Secured (GLA signed) | pending GUOC payment | Q2 2027 | Q3/Q4 2027 | Q1 2029 |
Technical specifications and performance
The projects are based on latest-generation lithium-ion battery systems, sized to provide a cumulative installed capacity of 600 MW. Each facility is designed to offer 2 hours of storage, enabling surplus electricity production to be captured and energy to be released during periods of high demand.
| Name |
Installed Power
(MW) |
Capacity
(MWh) |
Discharge duration
(h) |
Technology |
Life Cycle
(years) |
Round-Trip rate
(%) |
Time of answer
(ms) |
|---|---|---|---|---|---|---|---|
| Warbler | 100 | 200 | 2 | LFP+LI-ion | 20 | 90,0% | ≤ 200–250 ms |
| Vireo | 100 | 200 | 2 | LFP+LI-ion | 20 | 90,0% | ≤ 200–250 ms |
| Kinglet | 100 | 200 | 2 | LFP+LI-ion | 20 | 90,0% | ≤ 200–250 ms |
| Siskin | 100 | 200 | 2 | LFP+LI-ion | 20 | 90,0% | ≤ 200–250 ms |
| Cowbird | 100 | 200 | 2 | LFP+LI-ion | 20 | 90,0% | ≤ 200–250 ms |
| Osprey | 100 | 200 | 2 | LFP+LI-ion | 20 | 90,0% | ≤ 200–250 ms |
| Total | 600 | 1 200 | NA | NA | NA | NA | NA |
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* LFP + Li-ion ?
*LFP + Li-ion technology recognized for its safety and thermal resistance.
The systems are based on LFP + Lithium-ion technology, now the standard for grid storage projects thanks to its robustness, good cost/power ratio, and safety.
The announced 20-year lifespan and 90% round-trip efficiency are in line with market benchmarks for large-scale installations.
The portfolio is positioned for energy arbitrage, ancillary services (regulation, spinning reserve), and grid support applications. The very short response time, less than 200–250 ms, confirms the ability of the installations to participate in rapid-response and frequency regulation markets.
Strong partnership for project development
As the Canadian BESS market is new to the group, AGE decided to call on
Teric Power
and
Altalink
to strengthen its position.
|
|
|---|---|
| Teric Power is a Canadian developer and operator specializing in battery energy storage systems (BESS), based in Alberta. Founded in 2013, the company has established itself as one of the major players in the sector in Canada, with more than 120 MW of projects in operation (7 projects). Teric covers the entire value chain, from development, engineering, construction, commissioning, and operation, and has recognized expertise in optimizing BESS applications (arbitrage, grid reliability, ancillary services). Its project portfolio, including several large-scale storage facilities and a pipeline of more than 270 MW, demonstrates strong execution capabilities and a deep understanding of the Canadian energy market. | Altalink is the largest Transmission Service Provider in Alberta. The ultimate owner of Altalink is Berkshire Hathaway Energy (https://www.brkenergy.com/), which is a portfolio company of Berkshire Hathaway. All companies interested in developing projects in the areas where AGE’s projects are located in Alberta must work with Altalink. The stage 3 and 4 scope of work includes preparing and submitting a service proposal to AESO and filing a facility application with the AUC, culminating in receipt of the required permit and licence for the interconnection of each project (tie-in line, substation upgrades, and required network reinforcements). Profiles of management can be found here . |
What about Canadian energy market?
Alberta is one of Canada’s most prosperous provinces, thanks to its abundant natural resources. It is Canada’s leading producer of oil (84% of the total) and natural gas. The Athabasca oil sands represent one of the world’s largest oil reserves.
Canada’s total installed wind, solar, and energy storage capacity has increased by 46% over the past five years (2019 to 2024) and now includes 5 GW in wind projects, 2 GW in commercial solar projects, 600 MW in self-consumption solar projects, and 200 MW in energy storage projects in operation.
Under the Canadian Constitution (Section 92A), the generation, transmission, and distribution of electricity are the exclusive jurisdiction of the provinces.
The federal government (through the Canada Energy Regulator – CER) only oversees interprovincial and international trade.
Canada is one of the world’s largest exporters of electricity. Each year, between 50 TWh and 70 TWh are exported to the United States, mainly to the Northeast and Midwest.
Focus on Battery Energy Storage Systems (BESS) in Canada
The development of battery storage in the region is progressing rapidly, with significant capacity already online and a substantial pipeline of projects planned for the coming years.
| Metric | Value |
|---|---|
| Storage capacity at the end of 2024 | 552 MW |
| Storage capacity by 2030 (authorized projects) | 1,149 MW |
| Projects currently under construction | 12 |
| Storage capacity in 2030 (27 projects in regulatory approval phase, CoD by 2030) | 2,768 MW |
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Project owners
Alternative Green Energy (AGE) , a Spanish company specializing in the development of large-scale renewable energy projects. Founded in 2015 and based in Barcelona, AGE is a recognized player in the sector, with over 15 years of experience. It now has offices in 13 countries across 5 continents, giving it a strong international reach.
AGE primarily develops and builds ground-mounted solar photovoltaic plants, but is also active in other strategic areas such as battery energy storage systems (BESS), onshore wind, and the production and distribution of green hydrogen. Its approach is based on an integrated vision of the energy transition, combining production, flexibility (through storage) and infrastructure.
The company has a portfolio of 23 GW of projects under development in 12 countries, and has already commissioned more than 3 GW of installed capacity. It also holds exclusive rights to a global portfolio of over 10 GW of solar projects at an advanced stage of development.
| Technical indicators |
Development Capacity
(MW) |
RTB/Construction Capacity
(MW) |
Operational Capacity
(MW) |
Total
(MW) |
|---|---|---|---|---|
| Solar | 9 545 | 28 | - | 9 573 |
| Wind | 910 | - | - | 910 |
| BESS | 13 014 | - | - | 13 014 |
| Total | 23 469 | 28 | - | 23 497 |
AGE is involved across the entire project value chain, from site identification through commissioning and operation. The company handles technical aspects in-house (engineering, system sizing, technology selection), as well as regulatory matters (permitting, grid connection), financial aspects (financial modeling, fundraising), and operational activities (construction and operation).
With operations in multiple regions worldwide, including Southern Europe (Spain, Italy, Greece), Latin America, North Africa, and Asia, AGE operates within local regulatory and market frameworks while relying on standardized industrial processes.
To adapt to the growth of the group, AGE engaged a group-wide reorganization to structure its international activities around country-specific branches. The reorganization has started in 2025 and is still ongoing, with as a result for this financing, all Canadian activities will be transferred under Gammo Canada S.A., a newly created entity. The consolidated annual financial statements reflecting the new organization will be available later this year and for the purpose of this financing, the financial analysis of the Sponsor creditworthiness was performed on AGEAC Holdco Srl which until 2025 was consolidated most of the Group projects and value.
Our analysis
Risk overview
Country risk
Risk of devaluation of local currency, which could impact revenues and compromise ability to service debt.
Mitigation methods
In the proposed structure, the EUR/CAD exchange rate risk is borne entirely by the client, and not by the lender or investor, as the debt is contractually denominated and repayable in EUR. The amounts due in respect of debt servicing (interest and principal) are fixed in EUR and are not subject to any adjustment linked to exchange rate movements, thus guaranteeing complete certainty of the cash flows received by creditors in hard currency. Furthermore, CAD is a liquid and structurally stable currency, benefiting from a robust macroeconomic framework and historically moderate volatility against the EUR. The project also has solid financial fundamentals, providing a sufficient cushion to absorb reasonable exchange rate fluctuations. In this context, the absence of FX hedging does not introduce a currency risk for the lender, but only a residual exposure for the client, which is considered acceptable given the strength of the project's business model and financial structure.
Country risk
Risk of policy change
Mitigation methods
The renewable energy sector in Canada is booming and enjoys significant political support from a large part of the political class, with government initiatives aimed at accelerating the energy transition. Significant investments are planned to modernize infrastructure and the grid in order to integrate more green energy sources, particularly through energy storage projects and incentives for energy communities. In the storage sector, the decentralization of decisions and the management of authorization procedures allows for efficient processing of applications.
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
All land has already been secured. All connection files have been sent and payment to GUOC will be made shortly. Some projects are partially de-risked. Technical and environmental studies have been carried out and have not raised any major issues. The AGE teams have in-depth expertise and experience in the development of renewable energy projects.The project portfolio presented is at an intermediate stage of development.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
AGE has a proven ability to structure financing for similar projects. Guarantees are provided in the form of pledges on project shares. In the event of default, these security packages could be activated, with a valuation higher than the amount raised, thus providing effective coverage for investors.
Operating risks
Risk related to an activity that depends on a limited number of key persons responsible for carrying out the planned strategy. The risk is that one of these key persons leaves the project.
Mitigation methods
AGE has significant experience in developing renewable energy projects, with more than 3 GW delivered. The company has demonstrated its ability to structure, finance, and successfully complete complex projects, drawing on teams specializing in engineering, project management, and regulatory compliance. In addition, AGE benefits from strong partnerships with recognized industrial and financial players, enabling it to secure its projects throughout their life cycle. Its track record in similar competitive contexts reinforces its legitimacy and resilience in the execution of the project under analysis.
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.
