Funding the development of a portfolio of onshore wind projects in Italy
This project concerns the financing of the development of a portfolio of 18 onshore wind projects located in Italy, with a total capacity of 1,309 MW, including 14 hybrid projects integrating battery energy storage systems (BESS) with a capacity of 461 MW. The amount sought for this first tranche is 2,000,000 euros, for a total of 5,000,000 euros, in three tranches, with an investment duration of 24 months and an interest rate of 9.25%. The issued bonds are senior.
The offer
The interest rate of the bonds issued as part of this project is 9.25%, with a duration of 24 months. These are governed by Spanish jurisdiction.
The repayment strategy is based on several scenarios, including the sale of assets to top-tier players, e.g. potentially to Verbund with whom a framework agreement has already been signed, when the projects reach the RTB stage. Other options include an injection of own capital or refinancing through other means.
The pledge will cover all the shares of Energreen Wind Power SA, the (Spanish) issuing company.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Eolia Italia - Obligation 9.25%/year over 2 years
Simulation - Rate : 9.25% / year on 2 ans
Initial investment:
€1,000
Repayments and interest:
€1,185
In 2 transfers
| Date | Interest* | Capital | Amount |
| 17/03/2026 | €92.5 | €0 | €92.5 |
| 17/03/2027 | €92.5 | €1,000 | €1,092.5 |
| Total | €185 | €1,000 | €1,185 |
*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. | |||
The project
This portfolio comprises 18 onshore wind projects, 14 of which are hybrid projects integrating BESS storage systems.
This project involves financing the development of a portfolio of 18 onshore wind projects located in Italy, with a total capacity of 1,309 MW, including 14 hybrid projects integrating battery energy storage (BESS) for a capacity of 461 MW.
The projects are grouped into seven clusters according to their development status, authorization characteristics and geographical proximity.
Ten projects already have grid connection acceptance, while building permits are being obtained. The development schedule anticipates projects ready to build (RTB) between the fourth quarter of 2025 and the second quarter of 2028.
The developments are carried out in partnership with Green & Green, a local developer, within the framework of a joint venture, allowing to minimize development risks.
Below are the Italian regions in which the projects in this portfolio will be developed.
Wind farms are mainly installed on uncultivated land, often classified as agricultural in town planning schemes. The land chosen for these installations is not located in areas subject to absolute restrictions, such as National and Regional Parks, Nature Reserves or Natura 2000 sites (SPA, SCI).
Project owners
Energreen SA is a leading European player in the field of renewable energies. Founded in 2011, the company has over 13 years of experience in financial structuring and the development of solar, wind, and storage projects.
With a presence in ten countries across three continents, Energreen is currently piloting more than 6 GWc of projects under development and 540 MWc in construction or ready to be constructed.
In Italy, Energreen works closely with Green & Green, a local developer founded in 2008, with recognized expertise in high-voltage infrastructure and renewable energies. Green & Green has been particularly active in providing engineering and consulting services for wind, solar, and other renewable energy projects.
Green & Green has over 17 GW of projects under study (“due diligence”, project engineering, pre-feasibility studies, environmental studies, and consulting activities).
Our analysis
Risk overview
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
The developer is already negotiating with potential partners to sell into “ready-to-build” status, and has already signed 2 purchase option contracts with a player 1. In addition, the company's solidity is well established: Energreen has a development pipeline of over 6 GW worldwide. In the event of default, Enerfip will also be able to call on the guarantee taken out on this financing. This will involve pledging shares in Wind&Wind Power SRL, the joint venture holding the portfolio of Italian onshore wind projects, whose value is greater than that of Enerfip's bond issue.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
The teams of the two co-developers, Energreen Group and Green&Green, have considerable know-how and experience in the development and construction of this type of photovoltaic project.
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
The project portfolio presented is at an intermediate stage of development, although connection agreements have been obtained for each project.
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.
