200 MW / 800 MWh Battery Energy Storage System in Italy

A 200 MW / 800 MWh standalone Battery Energy Storage System (BESS) located in Bisaccia, Avellino Province, Campania, Italy. The project is designed as a four-hour lithium-ion BESS and benefits from a confirmed STMG grid-connection solution, representing a significant development milestone. The opportunity is available for acquisition with STMG or through a co-development structure, providing flexibility for strategic investors, infrastructure funds, utilities, IPPs and BESS developers.

KEY INVESTMENT HIGHLIGHTS

Project Type	Standalone BESS
Power Capacity	200 MW
Storage Capacity	800 MWh
Duration	4 Hours
Battery Technology	Lithium-Ion
Land Requirement	~6 hectares
Location	Bisaccia, Avellino, Campania, Italy
Grid Status	STMG Confirmed
Project Stage	Development / Grid Iteration
Land Status	Acquisition
Transaction	Acquisition or Co-Development

PROJECT OVERVIEW

The project comprises a 200 MW / 800 MWh utility-scale lithium-ion BESS, configured for four-hour energy storage.

The project requires approximately 6 hectares of land, providing a highly efficient land footprint relative to its 200 MW power capacity.

The project is currently at the development stage, with the STMG grid-connection solution confirmed.

The opportunity offers investors the possibility to enter an advanced development-stage BESS project in the Italian market, either through direct acquisition or a co-development partnership.

GRID CONNECTION
STMG Status: Confirmed

The proposed grid connection includes several key infrastructure components:

• Approximately 16 months for the new 150 kV substation
• Approximately 12 months for the new 150 kV bay at the RTN “Macchialupo” substation
• Approximately 15 months for the new 150 kV bay at the RTN “Scampitella” substation
• Approximately 8 months + 1 month per kilometre for the required 150 kV transmission lines

The confirmed STMG provides an important development milestone and establishes a defined pathway toward grid connection.

LAND & SITE

1. 01
   Gross land area~6 hectares
2. 02
   Land classificationAgricultural
3. 03
   Land strategyAcquisition
4. 04
   LocationBisaccia, Province of Avellino, Campania
5. 05
   Indicative land costNot specified / to be confirmed

The project's approximately 6-hectare footprint is particularly attractive for a 200 MW / 800 MWh installation, supporting an efficient land-to-capacity ratio.

INDICATIVE DEVELOPMENT COST

Based on the information currently available:

Item	EUR	Approx. USD*
STMG Cost	€276,930	~US$322,000
Land Acquisition	Not specified	To be confirmed
Total Identified STMG Cost	€276,930	~US$322,000

*USD equivalent is indicative and calculated using an EUR/USD exchange rate of approximately 1.161. Actual USD amounts will vary depending on the applicable exchange rate at closing.

INVESTMENT RATIONALE

A significant standalone storage project offering substantial power capacity for grid flexibility and energy-market applications.

The four-hour configuration provides meaningful energy storage duration and broadens potential market applications.

The project has achieved a confirmed STMG, providing greater visibility on the proposed grid-connection pathway.

Approximately 6 hectares are required for a 200 MW / 800 MWh project, creating an attractive land-to-capacity ratio.

Located in Campania, within Italy's established energy and power infrastructure network.

The project can be pursued through either direct acquisition or co-development, allowing investors to select their preferred entry strategy.

Model Input / Parameter	Conservative	Moderate (Base)	Aggressive	Technical / Market Basis
All-in BESS EPC (€/MWh)	€210,000	€185,000	€165,000	Enclosures, PCS, BMS/EMS, BoS
Grid Works (Substation + 2 RTN Bays + Lines)	€28,000,000	€24,000,000	€21,000,000	User substation + Macchialupo & Scampitella bays
Development, Land (~6 ha) & Permitting	€3,500,000	€2,800,000	€2,200,000	Land purchase, STMG fees (€277k), closing costs
Total CAPEX (€M)	€199.50M	€174.80M	€155.20M	All-in project investment
Senior Debt Tranche (70%)	€139.65M	€122.36M	€108.64M	Bank debt facility
Equity Contribution (30%)	€59.85M	€52.44M	€46.56M	Sponsor equity
Contracted Revenue (MACSE / CM)	€28,000 / MWh-yr	€33,000 / MWh-yr	€37,000 / MWh-yr	15-year capacity agreement
Merchant Spread & Ancillary (MSD)	€36,000 / MW-yr	€58,000 / MW-yr	€78,000 / MW-yr	Arbitrage spread + grid balancing (Zona Sud)
Operating Expenses (OPEX)	€18,500 / MW-yr	€15,500 / MW-yr	€13,000 / MW-yr	O&M, Route-to-Market, insurance, taxes
Annual Battery Degradation	1.8% / yr	1.5% / yr	1.2% / yr	Standard LFP cycling degradation curve

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LINE ITEM (EUR Millions) CONSERVATIVE MODERATE (BASE) AGGRESSIVE
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Contracted Capacity Revenue (MACSE/CM) €22.40M €26.40M €29.60M
Merchant Spread & Ancillary (MSD) €7.20M €11.60M €15.60M
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GROSS REVENUE €29.60M €38.00M €45.20M
OPEX & Ongoing Asset Management (€3.70M) (€3.10M) (€2.60M)
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EBITDA €25.90M €34.90M €42.60M
EBITDA Margin 87.5% 91.8% 94.2%
Straight-Line Depreciation (15 Years) (€13.30M) (€11.65M) (€10.35M)
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EBIT €12.60M €23.25M €32.25M
Senior Debt Interest (Year 1 @ 4.40%) (€6.14M) (€5.38M) (€4.78M)
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EBT (Earnings Before Taxes) €6.46M €17.87M €27.47M
Italian Corporate Income Tax (27.9%) (€1.80M) (€4.99M) (€7.66M)
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NET INCOME €4.66M €12.88M €19.81M
+ Non-Cash Depreciation €13.30M €11.65M €10.35M
- Debt Principal Repayment (Year 1) (€6.82M) (€5.97M) (€5.30M)
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FREE CASH FLOW TO EQUITY (FCFE, Year 1) €11.14M €18.56M €24.86M
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Informational & Preliminary Nature Only This summary is provided for informational and preliminary evaluation purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to enter into any transaction or purchase any securities, real property, or assets. Any transaction will be subject to the negotiation and execution of definitive, legally binding documentation.

Forward-Looking Statements & Projections

Any financial projections, estimates, benchmarks, revenue ranges, or EBITDA forecasts contained herein are forward-looking statements based on current industry assumptions, market conditions, and hypothetical operating models. These statements involve substantial risks, uncertainties, and assumptions, including but not limited to:

• Fluctuations in local and national power markets, regulatory tariffs, and utility interconnection rules.

• Variations in construction timelines, supply chain availability, and capital expenditure costs for modular, powered-shell, or turnkey builds.

• Shifting demand, pricing dynamics, and vacancy rates in the data center, AI/HPC, and cloud infrastructure sectors.

• Macroeconomic factors, including interest rates, tax laws, and general financing market conditions.

Actual operational and financial results may differ materially from those expressed or implied in these projections. Past performance and illustrative scenarios are not guarantees of future performance.

Independent Due Diligence & Verification Neither the seller, broker, advisors, nor their respective affiliates, officers, or representatives make any express or implied representation or warranty regarding the accuracy, completeness, or reliability of the information provided herein (including utility availability, zoning, environmental conditions, site acreage, or equipment specifications).

Prospective purchasers, investors, and developers are solely responsible for conducting their own independent technical, legal, engineering, financial, environmental, and tax due diligence. Recipients are strongly advised to consult with their own professional legal, financial, and technical advisors before committing capital or executing binding agreements.