94 MW / 376 MWh Ready-to-Build BESS

A 94 MW / 376 MWh standalone Battery Energy Storage System (BESS) in Brescia, Lombardy, Northern Italy. The project is at an advanced Ready-to-Build (RTB) stage and benefits from a confirmed STMG grid-connection solution with the grid bay already assigned. The authorization process is advanced, with estimated completion targeted for 2026 / early 2027, offering investors the opportunity to access a substantially more mature development-stage BESS project with reduced development risk compared with early-stage opportunities.

KEY INVESTMENT HIGHLIGHTS

Project Type	Standalone BESS
Power Capacity	94 MW
Storage Capacity	376 MWh
Duration	4 Hours
Battery Technology	Lithium-Ion
Land Requirement	~2 hectares
Location	Brescia, Lombardy, Italy
Project Stage	RTB – Ready-to-Build
Authorization Status	Advanced
Expected Authorization Completion	2026 / Early 2027
Grid Status	STMG Confirmed
Grid Bay	Already Assigned
Land Status	Acquisition
Transaction	Acquisition / Co-Development

PROJECT OVERVIEW

The project comprises a 94 MW / 376 MWh lithium-ion BESS with a four-hour storage duration.

With only approximately 2 hectares of land required, the project offers a highly efficient footprint for a utility-scale energy-storage facility.

The project has reached the Ready-to-Build stage, representing a significant advancement in the development cycle. The authorization process is already advanced, with completion currently estimated for 2026 / early 2027.

Importantly, the project's grid connection bay has already been assigned, providing additional visibility and reducing one of the key development uncertainties typically associated with standalone BESS projects.

GRID CONNECTION
Confirmed STMG | Grid Bay Already Assigned

The project benefits from a confirmed STMG grid-connection solution.

Unlike early-stage projects where grid access may remain subject to significant uncertainty, this opportunity has progressed to the point where the connection bay has already been assigned.

Grid connection status:

1. 01
   STMGConfirmed
2. 02
   Grid bayAlready assigned
3. 03
   Connection timelineDefined / assigned
4. 04
   Project stageRTB

This positioning provides a potentially attractive entry point for investors seeking exposure to Italian BESS projects with a more advanced grid position.

DEVELOPMENT & AUTHORIZATION
Project Status: Ready-to-Build

The authorization process is currently described as advanced, with an estimated conclusion in:

This places the project significantly further along the development pathway than greenfield or early-stage BESS opportunities.

LAND & SITE

1. 01
   Gross land area~2 hectares
2. 02
   Land classificationAgricultural
3. 03
   Land strategyAcquisition
4. 04
   LocationBrescia, Lombardy, Italy
5. 05
   Indicative land acquisition cost€450,000 / ~US$522,000

The approximately 2-hectare footprint represents a highly efficient land requirement relative to the project's 94 MW power capacity.

INDICATIVE DEVELOPMENT COSTS

Based on the currently available project information:

Item	EUR	Approx. USD*
STMG Cost	€146,340	~US$170,000
Land Acquisition	€450,000	~US$522,000
Total Identified Costs	€596,340	~US$692,000

Note: These figures represent the identified STMG and land costs only and should not be interpreted as total project development or construction CAPEX.

TRANSACTION OPPORTUNITY

The project offers potential investors two principal entry structures:

1. PROJECT ACQUISITION

Acquisition of the RTB BESS project, including its existing development position, confirmed STMG and assigned grid connection bay.

2. CO-DEVELOPMENT

Partnership with the existing project owner to complete the remaining authorization and development milestones and progress the project toward construction and operation.

INVESTMENT RATIONALE
RTB-Stage Project

The project has reached Ready-to-Build status, substantially reducing early-stage development risk.

94 MW / 376 MWh

A meaningful utility-scale storage asset with a four-hour duration, providing substantial energy-storage capability.

Grid Bay Already Assigned

The assigned grid bay represents a key competitive advantage and provides greater certainty around the project's grid-connection pathway.

Confirmed STMG

The project has already secured a confirmed STMG grid-connection solution.

Advanced Authorization

The authorization process is advanced, with estimated completion in 2026 / early 2027.

Highly Compact Footprint

Only approximately 2 hectares are required for the project, supporting an attractive land-to-capacity ratio.

Strategic Northern Italian Location

Located in Brescia, Lombardy, one of Italy's economically significant and highly industrialized regions, providing strategic positioning within the Northern Italian power market

Metric / Assumption	Conservative	Moderate (Base)	Aggressive	Market Benchmark / Notes
All-in EPC & BoS (€/MWh)	€205,000	€180,000	€160,000	DC container blocks, PCS, BMS, EMS
Grid Works & Interconnection (€M)	€12.00M	€10.00M	€8.50M	Bay already assigned (direct hook-up)
Development, Land & Closing Fees (€M)	€4.00M	€3.50M	€3.00M	2 ha land (€450k) + permit closing fees
Total CAPEX (€M)	€93.08M	€81.18M	€71.66M	All-in turnkey project cost
Senior Debt Facility (70%)	€65.16M	€56.83M	€50.16M	Bank debt tranche
Equity Contribution (30%)	€27.92M	€24.35M	€21.50M	Sponsor equity required
Contracted Revenue (MACSE / CM)	€26,000 / MWh-yr	€31,000 / MWh-yr	€35,000 / MWh-yr	15-year capacity premium
Merchant Arbitrage & Ancillary (MSD)	€45,000 / MW-yr	€68,000 / MW-yr	€90,000 / MW-yr	Arbitrage spread + grid balancing in North
Total OPEX (€/MW-yr)	€19,000	€16,000	€13,500	O&M, Route-to-Market, taxes, insurance
Annual Battery Degradation	1.7% / yr	1.4% / yr	1.1% / yr	~1.1 to 1.3 equivalent daily cycles

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FINANCIAL LINE ITEM (EUR Millions) CONSERVATIVE MODERATE (BASE) AGGRESSIVE
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Contracted Revenue (MACSE / Capacity) €9.78M €11.66M €13.16M
Merchant Spread & Ancillary (MSD) €4.23M €6.39M €8.46M
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GROSS REVENUE €14.01M €18.05M €21.62M
OPEX & Commercial Asset Management (€1.79M) (€1,50M) (€1.27M)
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EBITDA €12.22M €16.55M €20.35M
EBITDA Margin 87.2% 91.7% 94.1%
Straight-Line Depreciation (15 Years) (€6.21M) (€5.41M) (€4.78M)
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EBIT €6.01M €11.14M €15.57M
Senior Debt Interest (Year 1 @ 4.25%) (€2.77M) (€2.42M) (€2.13M)
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EBT (Earnings Before Taxes) €3.24M €8.72M €13.44M
Italian Corporate Income Tax (27.9%) (€0.90M) (€2.43M) (€3.75M)
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NET INCOME €2.34M €6.29M €9.69M
+ Non-Cash Depreciation €6.21M €5.41M €4.78M
- Debt Principal Repayment (Year 1) (€3.18M) (€2.77M) (€2.45M)
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FREE CASH FLOW TO EQUITY (FCFE, Year 1) €5.37M €8.93M €12.02M
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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.