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 €1 million, which may be increased to 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 9.5%, 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 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 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?
De aanbieding
Invest in Italy’s energy transition with 3 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 / 2,080 MWh, and a storage duration of 8 hours; * 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 fundraising target of €1 million, which may be increased up to €2 million, and with 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
- Investering open voor iedereen
Einde collectie
De deadline voor fondsenwerving kan worden verlengd op verzoek van de projectpromotor.
Het rendement op je investering wordt berekend vanaf de datum waarop de inschrijvingscertificaten worden gegenereerd, d.w.z. zodra alle fondsen zijn ontvangen en de juridische documentatie is ondertekend door de projecteigenaar.
Resources
Simulator
Investeringssimulatie
NRG Agri-Sun & Storage - Prêt PSFP 9,5%/jaar over 3 jaren
Simulatie - Tarief: 9,5% / jaar op 3 ans
Initiële investering :
€ 5.000
Aflossingen en rente :
€ 6.425
In 3 termijnen
| Datum | Interesses* | Kapitaal | Bedrag |
| 15-07-2026 | € 475 | € 0 | € 475 |
| 15-07-2027 | € 475 | € 0 | € 475 |
| 15-07-2028 | € 475 | € 5.000 | € 5.475 |
| Totaal | € 1.425 | € 5.000 | € 6.425 |
*Brutorente vóór belastingen, alle kosten inbegrepen (zie belasting) De gepresenteerde resultaten zijn geen voorspelling van de toekomstige prestaties van je beleggingen. Het enige doel is om de mechanismen van je belegging gedurende de beleggingsperiode te illustreren. De prestaties van je belegging kunnen afwijken van de getoonde resultaten, zowel naar boven als naar beneden. | |||
Het 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.
De projecteigenaars
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.
Onze analyse
Risk overview
Tegenpartijrisico
Risico van wanbetaling door de tegenpartij die de inkomsten van het project in gevaar zou brengen
Mitigation methods
Tijdens de tussenfase van de projectontwikkeling zal de ontwikkelaar een volledig due diligence-dossier opstellen ten behoeve van potentiële kopers. Tegelijkertijd zal hij een proactieve marktbenadering hanteren om de interesse van investeerders te peilen en ervoor te zorgen dat de kwaliteit van de projecten aan hun verwachtingen voldoet. Het portfolio is reeds gewaardeerd op basis van voorzichtige ramingen, met als doel het risico te beperken dat de opbrengst uit de verkoop onvoldoende is om de lening terug te betalen. In geval van wanbetaling zijn investeerders beschermd door een pandrecht op 100% van de aandelen van de kredietnemer, wat de mogelijkheid garandeert om de projecten te verkopen en de opbrengst aan te wenden voor de terugbetaling. Daarnaast beschikt Enerfip over een voorafgaand instemmingsrecht met betrekking tot de verkoop van de projectvennootschappen (SPV).
Ontwikkelingsrisico
Risico's met betrekking tot vergunningen die zijn afgegeven aan het bedrijf en aan land, en beroepen door derden tegen afgegeven vergunningen.
Mitigation methods
Dit risico heeft betrekking op het verkrijgen van vergunningen, grondrechten en mogelijke bezwaren van derden die de voortgang van het project kunnen vertragen of in gevaar kunnen brengen. Om de impact te beperken, hanteert de Projectontwikkelaar een strikt ontwikkelproces, gebaseerd op een zorgvuldige selectie van locaties en een continue dialoog met lokale autoriteiten en belanghebbenden. Het team, bestaande uit interne experts op juridisch, technisch en milieukundig gebied, beschikt over de nodige expertise om de vergunningsfase doeltreffend te begeleiden. Daarnaast is er een mechanisme ingevoerd om de loan-to-value (LTV)-ratio te monitoren, aangevuld met een zekerheidsrecht, met als doel het rendement van investeerders te beschermen bij vertragingen of tegenvallende prestaties.
Risico's van regelgeving
Risico op wijzigingen in de regelgeving die van toepassing is op de sector, met inbegrip van verlaging van subsidies of nieuwe belastingen met een aanzienlijk effect op de projectinkomsten
Mitigation methods
De regelgeving kan zowel de ontwikkelingstermijnen als de verwachte toekomstige inkomsten van de projecten beïnvloeden. Tot op heden wijzen de lopende discussies op een verbetering en verduidelijking van het regelgevend kader met betrekking tot energieopslag, met name wat betreft de vergoedingsmechanismen waartoe de projecten toegang zouden kunnen krijgen. Daarnaast heeft het land zich tot doel gesteld om binnen vijf jaar zijn fotovoltaïsche capaciteit te verdubbelen. Deze vooruitzichten, in combinatie met de verwachte bouwkosten, vormen bepalende factoren voor de vaststelling van de verkoopprijzen van de projecten. Om de risico’s van ongunstige regelgevingsontwikkelingen te beperken, is een voorzichtige benadering gehanteerd bij de waardering van de projecten, waarbij bijvoorbeeld mogelijke toekomstige subsidies zonder garantie zijn uitgesloten. Het projectportfolio is bovendien zodanig gestructureerd dat maximale diversificatie wordt nagestreefd, wat bijdraagt aan risicobeperking. Tegelijkertijd voert de eigenaar van de projecten een voortdurende monitoring uit van de regelgeving op zowel nationaal als regionaal niveau, om juridische of politieke veranderingen tijdig te kunnen anticiperen. Deze proactieve controle stelt het team in staat om de ontwikkelingsstrategieën in real time aan te passen, in overeenstemming met marktontwikkelingen en wettelijke vereisten.
Investeren in dit equity crowdfunding project brengt risico’s met zich mee, waaronder het risico van geheel of gedeeltelijk verlies van het geïnvesteerde kapitaal. Je investering wordt niet gedekt door de depositogarantiestelsels die zijn ingesteld in overeenstemming met richtlijn 2014/49/EU van het Europees Parlement en de Raad](https://eur-lex.europa.eu/legal-content/NL/TXT/HTML/?uri=CELEX:32014L0049). Je belegging valt ook niet onder de beleggerscompensatiestelsels ingesteld in overeenstemming met Richtlijn 97/9/EG van het Europees Parlement en de Raad. Rendement op je investering is niet gegarandeerd. Dit is geen spaarproduct en we adviseren je om niet meer dan 10% van je nettovermogen te beleggen in crowdfundingprojecten. Het is mogelijk dat je de beleggingsinstrumenten niet kunt verkopen wanneer je wilt. Als je ze wel kunt verkopen, kun je nog steeds verlies lijden.
