Financing a portfolio of solar agrivoltaics battery storage projects in Italy
The NRG Plus Sun & Storage project, developed by the NRG PLUS group, consists of a portfolio of 3 battery energy storage systems (BESS) and 2 solar power plants, with a total capacity of 260 MW for BESS and 87 MW for solar. These projects are located across the Italian regions of Tuscany, Emilia-Romagna, Puglia, and Basilicata. All projects have secured land rights and grid connections, ensuring a clear path towards the ready-to-build stage.
NRG PLUS ITALIA is seeking to raise up to €2 million as part of a broader development financing strategy. The funds will support the finalisation of the development of the portfolio, and will bring the projects towards the ready to build status.
The fundraising is structured with an annual interest rate of 9.25%, a 3-year maturity, and bullet repayment at term.
The funds will primarily be used to finance the permitting procedures and to cover the development costs supported by NRG PLUS ITALIA upon ready-to-build status.
The financing is granted to NRG PLUS G2R ITALIA, which holds 100% of the shares in the SPVs carrying the projects. To secure investors, Enerfip benefits from a pledge on the borrower’s shares, allowing the assets held to be liquidated in the event of default. The planned exit is the sale of the SPVs to industrial investors ,once the project reaches a more advanced stage in the permitting process or ready-to-build status. This is expected in 2027/mid 2028, with a projected portfolio valuation of approximately €15 million.
The project is financed through a participative loan, a private agreement in which investors lend capital directly to the borrower by entering into a loan contract. Upon receiving the funds, the borrower is required to repay the principal, along with the agreed interest, within a specified period and in accordance with the predetermined terms.
If you’re a French tax resident investing in an Italian project, your income is taxed in France at a flat rate of 30%. Italian authorities will also apply a 10% withholding tax, but this can be reclaimed as a tax credit on your French tax return, and you won’t be taxed twice. To benefit from this and avoid double taxation, simply upload a valid certificate of fiscal residence before your first interest payment. For a full explanation of the tax treatment, please refer to this link: Italian investment: what tax applies?
The offer
Invest in Italy’s energy transition with 3 advanced battery storage and 2 solar power projects.
Investment Opportunity
NRG PLUS ITALIA presents an investment opportunity to finance the development of a diversified portfolio of 5 renewable energy projects located in Italy through participatory loan, including: * 3 stand-alone Battery Energy Storage Systems (BESS) with a combined capacity of 260 MW, * 2 ground-mounted solar agrivoltaics PV plants with a combined capacity of 87 MW.
Terms of the Offer and Repayment Strategy
This project will take place via a participatory loan with a total fundraising target of €2 million and a maturity of 3 years.
The funds raised will be used to finance:
- Technical development costs including environmental and technical studies.
- Permitting costs
- Land costs during development
- Running costs consisting of accounting, administrative and incorporation costs
Once the projects reach ready-to-build status, the SPVs are intended to be sold, generating the capital required for loan repayment.
Guarantees
Enerfip benefits from a pledge established at the level of the borrower, NRG PLUS G2R ITALIA, which holds 100% of the shares in the project SPVs.
In the event of default, the assets held by the borrower could be liquidated, enabling the recovery of their residual value to help ensure full or partial reimbursement to investors.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
NRG Agri-Sun & Storage - Prêt PSFP 9.25%/year over 3 years
Simulation - Rate : 9.25% / year on 3 ans
Initial investment:
€5,000
Repayments and interest:
€6,387.5
In 3 transfers
| Date | Interest* | Capital | Amount |
| 31/07/2026 | €462.5 | €0 | €462.5 |
| 31/07/2027 | €462.5 | €0 | €462.5 |
| 31/07/2028 | €462.5 | €5,000 | €5,462.5 |
| Total | €1,387.5 | €5,000 | €6,387.5 |
*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 reliant on fossil fuels, which account for the largest share of total electricity production in 2024. Italy is investing heavily in renewable energy to meet its ambitious energy transition goals and reduce its dependence on fossil fuels. In 2024, renewables contributed 39% of total electricity production, showcasing a steady transition towards cleaner energy sources.
Photovoltaic (PV) is one of the the key technologies selected for the energy transition, and the country expects to double its PV installations by 2030.
This context makes Italy a particularly attractive market for energy storage systems (BESS), supported by a regulatory framework that is constantly evolving and maturing. Terna, Italy’s grid operator, has identified BESS as the key technology to stabilise the grid and integrate renewables. To support this, it is launching the MACSE Incentive Mechanism, offering 15 year contracts to standalone BESS plants, with a focus on long-duration systems (4-8h) like those developed by NRG PLUS.
What will your investment finance?
Throughout 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 stand-alone Battery Energy Storage Systems (BESS) with a total capacity of 260 MW / 2,080 MWh, and two ground-mounted solar PV plants totaling 87.27 MWp. The projects are located across four key Italian regions: Tuscany, Emilia-Romagna, Basilicata, and Puglia.
Project Locations
All land rights and grid connection points have been secured, and permitting procedures are currently underway. The goal is to bring all assets to ready-to-build (RtB) status in 2027, enabling 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: Project Highlight: Manciano BESS – 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 Italy’s 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 autorisation process is ongoing. The asset is expected to reach RtB status in 2027, with commercial operation targeted for 2028 following the asset sale and construction.
Project owners
NRG+: Delivering renewable energy projects from concept to completion
NRG PLUS is an international independent renewable energy group, specializing in the development of solar PV, onshore wind, and battery energy storage systems (BESS), as well as in the construction and operation of renewable energy projects via the sister company Renergeia. Founded in 2019, the group is currently successfully developing more than 2 GW of renewable energy projects.
A skilled and committed team
The company is led by Pierluigi Borgogna, Founder and CEO, with over 15 years of international experience in the energy sector across 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 more than 100 professionals active in Europe and Latin America, NRG+ brings together expertise in engineering, permitting, land acquisition, legal, environmental compliance, and investment structuring.
NRG+ Italia operates under a vertically integrated model, covering the full value chain from project development to construction and long-term operations. Its in-house 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 over 30 renewable energy projects with a total capacity of over 1.4GW across Italy, particularly in Molise, Puglia, Tuscany, Emilia-Romagna, and Basilicata. The company maintains a strong focus on environmental and social responsibility as well as fostering local engagement from the earliest development stages.
The company has built a fully integrated and structured approach to project development,covering all critical phases - from early-stage site scouting, engineering, and design to the completion of permitting procedures. This development process is the result of years of experience, internal capability building, and robust collaboration models. NRG+ has invested in building a team and a system that allows them to manage the entire value chain internally - site scouting, permitting, grid management, design, and project management.
This approach ensures efficiency, consistency, and control over the pipeline. It also provides transparency and reliability for partners, as all phases are traceable, documented, and led by professionals with deep expertise in the Italian renewable energy sector.
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 shift toward a low-carbon economy.
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
This risk relates to the issuance of permits, land rights, and potential third-party appeals that could delay or prevent project advancement within the SPVs. To mitigate this, the Project Owner follows a rigorous development process, including careful site selection and early engagement ans well as continuous discussions with local stakeholders and authorities. The team is composed of qualified in-house experts across legal, technical, and environmental domains, ensuring strong execution capabilities throughout the permitting phase. A loan-to-value (LTV) monitoring mechanism is in place, along with a pledge, to safeguard 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
The repayment of the financing will be made through the sale of the authorized and ready-to-build projects to specialised operators. NRG+ has strong market knowledge, having developed and sold a number of similar projects to third parties, and is implementing a proactive strategy by engaging potential buyers early and validating market appetite. A comprehensive vendor due diligence package will be prepared for each asset to facilitate smooth and efficient sale processes. Furthermore, the financed amount has been structured to maintain a conservative LTV ('Loan to Value') ratio. Investors will benefit from a 100% pledge of the shares in the Borrower. The proceeds from asset sales will be allocated to repay the investors.
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
This risk refers to potential changes in the applicable regulatory framework, such as reductions in subsidies or the introduction of new taxes, which could significantly impact project revenues. The project portfolio has been chosen in order to maximise the diversification and mitigate the risk. To mitigate this, the Project Owner conducts continuous regulatory monitoring at both national and regional levels, ensuring early identification of legal or policy shifts. This enables the team to adapt project strategies proactively and maintain alignment with evolving market and compliance 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.
