Financing a portfolio of solar agrivoltaism and battery storage projects in Italy
This fundraising is a reopening of the NRG Agri-Sun & Storage campaign under a different structure. After analysing the fundraising, we found that many investors would have preferred to make this investment through a French structure.
We have therefore decided to reopen this fundraising, structured as a bond issuance in France. All legal and tax aspects will follow the French regulations applicable to bonds, as for the other projects financed in France.
The NRG Plus Sun & Storage project, developed by the group NRG PLUS , consists of a portfolio of 3 battery energy storage systems (BESS) and 2 solar plants, with a total capacity of 260 MW for the BESS and 87 MW for solar. These projects are located in the Italian regions of Tuscany, Emilia-Romagna, Apulia and Basilicata. All projects have secured land rights and grid connections, facilitating the transition to the ready-to-build state.
The NRG+ PLUS group is seeking to raise a first tranche of 1 million euros, which can be uncapped up to 2 million euros. The funds will support the completion of the development of the portfolio and bring the projects to the ready-to-build state.
The fundraising is in the form of simple bonds under French law, and is structured with an annual interest rate of 9.5%, a 3-year maturity and a final repayment at maturity.
The funds will be mainly used to finance the permitting procedures and to cover the development costs borne by NRG PLUS until the ready-to-build state.
The financing is granted to NRG PLUS FRANCE, which holds 100% of the shares of the SPVs carrying the projects. To secure investors, Enerfip benefits from a pledge on the borrower’s securities, allowing the mobilization of the assets held in case of default. Repayment is expected with the sale of the projects to investors once the project is brought to a more advanced stage of development and the construction permits are obtained. The sale of the projects is expected between late 2027 and early 2028 depending on the projects, with a theoretical forecasted value of the portfolio of around 15 million euros.
The offer
Invest in Italy's energy transition with 3 battery storage projects under development and 2 solar projects.
Investment Opportunity
NRG PLUS presents an investment opportunity to finance the development of a diversified portfolio of 5 renewable energy projects located in Italy, including:
- 3 autonomous battery energy storage systems (BESS) with a combined capacity of 260 MW / 2,080 MWh, with a maximum injection duration of 8 hours.
- 2 ground-mounted agrivoltaic photovoltaic plants with a combined capacity of 87 MW.
Offer Conditions and Repayment Strategy
This project will be carried out through the issuance of simple bonds, with a fundraising target of 1 million euros, which can be uncapped up to 2 million euros, over a period of 3 years, with final repayment.
The funds raised will be used to finance:
- Technical development costs including environmental and technical studies.
- Permit costs
- Land costs during development
- Operating costs consisting of accounting, administrative, and incorporation costs
Once the projects reach the ready-to-build stage, the SPVs are intended to be sold once the ready-to-build stage is reached, generating cash flows to repay the loan.
Guarantees
Enerfip benefits from a first-rank pledge on the capital shares of the SPVs, i.e., the companies that hold the rights to the projects.
In case of default, the assets held by the borrower could be liquidated, allowing the recovery of their residual value to enable full or partial repayment to investors.
Specifications
Investment phases
- Investment open to everyone
End of project financing
The closing date for contributions may be extended at the request of the project owner.
The return on your investment will be calculated from the date the subscription certificates are generated, i.e. once all the funds have been received and the legal documentation has been signed by the project owner.
Resources
Simulator
Investment simulation
NRG Solaire & Stockage - 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 |
| 31/08/2026 | €95 | €0 | €95 |
| 31/08/2027 | €95 | €0 | €95 |
| 31/08/2028 | €95 | €1,000 | €1,095 |
| Total | €285 | €1,000 | €1,285 |
*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
The Italian energy market
Italy is one of the largest net energy importers in Europe, with approximately 83.7% of its energy consumption in 2022 coming from imports. The country’s electricity mix remains heavily dependent on fossil fuels, which account for the largest share of total electricity production in 2024. For these reasons, Italy is heavily investing in renewable energies to meet its ambitious energy transition goals and reduce its dependence on fossil fuels. In 2024, renewable energies contributed to 39% of total electricity production, illustrating a gradual transition to cleaner energy sources.
Photovoltaic (PV) is one of the key technologies selected for the energy transition, and the country aims to double its PV installations by 2030.
This context, supported by a constantly evolving and maturing regulatory framework, makes Italy a particularly attractive market for energy storage systems (BESS). Terna, the Italian grid operator, has identified BESS as the key technology for stabilizing the grid and integrating more renewables in the country’s energy mix. To support this, it launched few support schemes, including the MACSE Incentive Mechanism, which offers 15-year contracts to standalone BESS installations, with a focus on long-duration systems (4-8h) such as those developed by NRG PLUS.
What will your investment be used for?
As part of this project, NRG PLUS ITALIA S.r.l. is seeking to finance the development of a portfolio of five renewable energy projects in Italy.
The operation will support the development phase of three standalone battery energy storage systems (BESS) with a total capacity of 260 MW / 2,080 MWh, and two ground-mounted photovoltaic plants totaling 87.27 MWp. The projects are located in four key regions of Italy: Tuscany, Emilia-Romagna, Basilicata, and Apulia.
Project locations
All land rights and grid connection points have been secured, and authorization procedures are underway. The goal is to bring all assets to a ready-to-build (RtB) status by 2027, allowing their sale to energy producers, infrastructure funds, or institutional investors.
Portfolio in Italy:
 Storage](https://s.enerfip.eu/redactor/d7f3a608-de95-4405-af0a-ff49bd7f9ef2.png)
Example: BESS Manciano Project – 60 MW / 480 MWh
Located in Tuscany, this project involves the development of a lithium-ion battery storage system with an 8-hour discharge capacity. It will contribute to stabilizing the Italian energy grid by storing excess renewable energy and releasing it when demand is high.
Land rights are secured, grid connection has been granted (STMG), and the filing of the authorisation process has commenced. The asset is expected to reach RtB status in 2027, with commercial operation scheduled for 2028 after the asset sale and construction.
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, Apulia, 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 complete vendor due diligence documentation for potential buyers. The Project Owner will also begin engaging the market early on to assess interest and ensure the quality of the projects meets the expectations of potential investors. The portfolio has already been valued using conservative estimates to reduce the risk that proceeds may be insufficient to repay the debt. In the event of default, investors are protected by a pledge over 100% of the SPVs. This pledge enables the sale of the Project Owner's assets, with the proceeds used to repay investors. Enerfip also holds a consent right over the sale of the project SPVs.
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 progress of the project. To mitigate this risk, the Project Owner follows a rigorous development process that includes careful site selection, early engagement, and ongoing dialogue with local stakeholders and authorities. The team is made up of qualified in-house experts in legal, technical, and environmental fields, ensuring strong execution capabilities throughout the permitting phase. A loan-to-value (LTV) monitoring mechanism, along with a pledge, has been put in place to protect investor 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 impact project development timelines and projected future revenues. As of today, regulatory discussions suggest that the storage framework will be improved and clarified, particularly regarding the remuneration mechanisms the projects may be eligible for. Additionally, the country has set a target to double its photovoltaic capacity within the next five years. These assumptions, along with projected construction costs, are key factors in determining the sale prices of the projects. To mitigate risks related to price fluctuations caused by regulatory changes, a cautious approach has been taken in valuing the projects — for example, by excluding any potential future subsidies the projects might receive. The project portfolio has also been selected to maximize diversification, helping to reduce this risk. Moreover, the Project Owner conducts ongoing regulatory monitoring at both national and regional levels, ensuring early identification of legal or policy changes. This enables the team to proactively adapt project strategies and remain compliant with evolving market requirements.
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.
