web analytics
€150,000,000€157,000,000/EBITDA

The 1GW BESS Project in Italy is a pioneering, utility-scale 1,000 MW (1 GW) stand-alone Battery Energy Storage System located in the strategic industrial and energy corridor of Italy. Developed by the project sponsor, this land ...

€150,000,000€157,000,000/EBITDA
€157,000,000
€13,875,000TBD/EBITDA
185 MWac Solar PV + Large-Scale Storage

Romania is one of the most important energy export countries of the future in Europe. Romania In western industrialized countries, green electricity and green hydrogen are considered the most important energy sources of the future ...

€13,875,000TBD/EBITDA
TBD
$39,000,000$20,000,000/EBITDA

Puerto Rico is undergoing a crucial and mandated transition to a resilient, renewable energy grid, creating an unprecedented opportunity for investors in the utility-scale solar sector. This opportunity centers on a 100MW Solar ...

$39,000,000$20,000,000/EBITDA
$20,000,000
property

1,000 MW Utility-Scale Battery Storage BESS (RTB)

EBITDA

€157,000,000

Gross

€175,000,000

Price

€150,000,000
property

185 MW AC Solar Photovoltaic PV + 50MW BESS RTB + PPA

EBITDA

TBD

Gross

TBD

Price

€13,875,000
property

100MW Puerto Rico USA Solar Farm RTB Development Opportunity + BESS + 25Y GOV PPA @139USD/MW

EBITDA

$20,000,000

Gross

$26,798,080

Price

$39,000,000

Renewable Energy - Solar PV & BESS For Sale

The 1GW BESS Project in Italy is a pioneering, utility-scale 1,000 MW (1 GW) stand-alone Battery Energy Storage System located in the strategic industrial and energy corridor of Italy. Developed by the project sponsor, this landmark asset is positioned to become one of the largest standalone battery storage systems in the world.

Strategic Value & Grid Synergies

Italy is one of Europe’s densest and most critical clean energy generation basins. However, the rapid expansion of solar and wind power has placed immense stress on the local high-voltage transmission network. The BESS project is uniquely co-located with some of the region’s largest generation assets:

  • 3 GW Offshore Wind Pipeline: Strategically positioned to absorb and smooth future power from over 3 GW of planned offshore wind capacity.

  • 90 MW Solar PV Plant: Ready to capture and time-shift energy from an already approved 90 MW photovoltaic installation.

By operating under “load leveling” and “peak shaving” configurations, the project stores excess, cheap renewable generation during peak production hours and discharges it back into the high-voltage network during times of high demand. This localized buffering significantly reduces transmission line congestion and prevents the costly curtailment of green energy.

Technical Readiness & Low-Risk Profile

Unlike early-stage greenfield developments, this project has successfully cleared its most complex regulatory and technical hurdles:

  • Secured Grid Connection (STMG): The vital grid connection solution (Soluzione Tecnica Minima Generale) has already been officially granted and released by Italy’s transmission system operator, Terna.

  • Privileged Regulatory Pathway: The project is located entirely on approximately 25 hectares of flat, constraint-free land. Because it is officially classified as a “suitable area” (area idonea) under Italian Art. 20 of Legislative Decree 199/2021, it benefits from streamlined, fast-track permitting.

  • Secured Land Rights: The complete layout is secured via a long-term land lease option granted in favor of the dedicated Special Purpose Vehicle (SPV).

Key Project Milestones

The project is on a structured, de-risked pathway toward commercial operations:

  • AU (Single Authorization) Submission: June 21, 2024 (Completed)

  • CdS (Services Conference) Launch: December 20, 2024 (Completed)

  • Expected Final Permit (AU) Decree: 30 August 2026 (Completed)

  • Start of On-Site Construction: Q4 2026 (OPEN)

  • Commercial Operation Date (COD): Q4 2027 (OPEN)

The Investment Thesis

  1. Unprecedented Scale: A 1,000 MW capacity offers significant economies of scale, optimal procurement leverage, and a dominant market presence in Southern Italy’s grid-balancing market.

  2. Regulatory Tailwinds: Italy’s updated PNIEC climate targets have risen to 131.3 GW of renewables by 2030, which can only be achieved with massive, fast-responding BESS capacity.

  3. Structured Capacity Revenues: The asset is eligible to bid into Terna’s capacity market auctions, unlocking long-term, highly predictable, and legally secured capacity payment structures.

1. Capital Structure & Financing Sources

Funding Source Share (%) Amount (€M) All-in Rate Tenor Repayment Profile
Senior Debt 85.00% 321.88 4.50% 15 years Equal annual principal (€21.46M/yr)
Junior Debt 7.50% 28.40 4.50% 15 years Equal annual principal (€1.89M/yr)
Total Debt 92.50% 350.29 4.50% 15 years Equal annual principal (€23.35M/yr)
Equity 7.50% 28.40 — — Paid-in Equity at Financial Close
Total CapEx 100.00% 378.69 — — Central Scenario
  • DSRA (6-Month Debt Service Reserve Account): €19.56M (50% of Year 1 total debt service).
  • Total Equity Outflow at Y0 (Equity + DSRA): €47.96M.

2. Consolidated Debt Amortization Schedule (Y1 – Y15)

Figures in €M
Period Opening Balance Interest (Senior) Interest (Junior) Total Interest Total Principal Total Debt Service Closing Balance
Y1 350.29 14.48 1.28 15.76 23.35 39.12 326.93
Y2 326.93 13.52 1.19 14.71 23.35 38.06 303.58
Y3 303.58 12.55 1.11 13.66 23.35 37.01 280.23
Y4 280.23 11.59 1.02 12.61 23.35 35.96 256.88
Y5 256.88 10.62 0.94 11.56 23.35 34.91 233.52
Y6 233.52 9.66 0.85 10.51 23.35 33.86 210.17
Y7 210.17 8.69 0.77 9.46 23.35 32.81 186.82
Y8 186.82 7.72 0.68 8.41 23.35 31.76 163.47
Y9 163.47 6.76 0.60 7.36 23.35 30.71 140.11
Y10 140.11 5.79 0.51 6.31 23.35 29.66 116.76
Y11 116.76 4.83 0.43 5.25 23.35 28.61 93.41
Y12 93.41 3.86 0.34 4.20 23.35 27.56 70.06
Y13 70.06 2.90 0.26 3.15 23.35 26.50 46.70
Y14 46.70 1.93 0.17 2.10 23.35 25.45 23.35
Y15 23.35 0.97 0.09 1.05 23.35 24.40 0.00

3. Debt Service Coverage Ratio (DSCR) Profile

Bankability threshold: Min DSCR > 1.20x
Metric / Year Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 10-Yr Min 10-Yr Avg
Debt Service (€M) 39.12 38.06 37.01 35.96 34.91 33.86 32.81 31.76 30.71 29.66 — —
Realistic Scenario 4.02x 4.12x 4.13x 4.15x 4.16x 4.19x 4.21x 4.24x 4.27x 4.30x 4.02x 4.18x
Optimistic Scenario 5.17x 5.30x 5.32x 5.35x 5.38x 5.41x 5.45x 5.50x 5.55x 5.60x 5.17x 5.40x
Stress Scenario (−25%) 2.87x 2.94x 2.94x 2.94x 2.95x 2.96x 2.97x 2.99x 3.01x 3.03x 2.87x 2.95x

4. Levered Free Cash Flow to Equity (FCFE)

Formula: FCFE = Net Profit after Tax + Depreciation − Total Debt Service (€M)
Scenario / Year Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Realistic −47.96 41.59 42.39 40.65 38.96 37.31 35.71 34.16 32.64 31.17 29.74
Cumulative Realistic −47.96 −6.37 36.02 76.67 115.63 152.94 188.65 222.81 255.45 286.62 316.36
Optimistic −47.96 74.04 74.83 72.45 70.12 67.85 65.64 63.48 61.38 59.34 57.35
Cumulative Optimistic −47.96 26.08 100.91 173.35 243.47 311.32 376.96 440.44 501.82 561.16 618.51
Stress (−25%) −47.96 9.15 9.94 8.85 7.80 6.78 5.79 4.83 3.90 3.01 2.14
Cumulative Stress −47.96 −38.81 −28.87 −20.02 −12.22 −5.45 0.34 5.18 9.07 12.08 14.23

5. Return & Valuation Metrics (85% Senior + 7.5% Junior @ 4.50%)

Parameter / Metric Realistic Scenario Optimistic Scenario Stress Scenario (−25%) Unit / Definition
Total Equity Required (incl. DSRA) 47.96 47.96 47.96 €M at Financial Close
Equity IRR (10-Year After-Tax) 85.28% 153.76% 6.48% Levered after IRES (24%) + IRAP (3.9%)
Equity IRR (20-Year After-Tax) 85.40% 153.77% 13.07% 20-year operational horizon
Non-Discounted Payback Period 1.15 0.65 5.94 Years from COD
10-Year Equity Multiple (MOIC) 7.59x 13.89x 1.29x Total 10-yr Equity CF / Y0 Equity Outflow
10-Year Minimum DSCR 4.02x 5.17x 2.87x Minimum annual DSCR (Year 1)
10-Year Average DSCR 4.18x 5.40x 2.95x Average DSCR (Years 1 to 10)

 

Line Item Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Gross Revenue 175.00 175.00 171.50 168.07 164.71 161.41 158.19 155.02 151.92 148.88
OpEx −17.87 −18.22 −18.59 −18.96 −19.34 −19.73 −20.12 −20.52 −20.93 −21.35
EBITDA 157.13 156.78 152.91 149.11 145.37 141.69 138.07 134.50 130.99 127.53
EBITDA Margin 89.8% 89.6% 89.2% 88.7% 88.3% 87.8% 87.3% 86.8% 86.2% 85.7%

 

Scenario Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Optimistic (High) 220.00 220.00 215.60 211.29 207.06 202.92 198.86 194.89 190.99 187.17
Realistic (Central) 175.00 175.00 171.50 168.07 164.71 161.41 158.19 155.02 151.92 148.88
Stress (−25% / Low) 130.00 130.00 127.40 124.85 122.35 119.91 117.51 115.16 112.86 110.60

MergersCorp M&A
International As Seen On

  • brand 1
  • brand 1
  • brand 1
  • brand 1
  • brand 1