Project Caterpillar represents an opportunity to acquire 100% of a de-risked portfolio of solar photovoltaic assets totalling less than 10 MWp, distributed across five sites in two of Italy's most resource-efficient regions: Sicily and Emilia-Romagna. All assets are fully permitted and construction-ready, offering immediate market entry with simplified transaction mechanics. The portfolio is offered as a single transaction by an international renewable energy developer with a global pipeline exceeding 6 GWp and a demonstrated track record of delivering bankable, investable assets to institutional partners including KKR, European Energy, Capital Dynamics, Iren, Trina Solar, and Iberdrola.
The geographic split between Sicily — one of Europe's highest-irradiation regions, with horizontal yields of approximately 1,900–2,000 kWh/m²/year — and Emilia-Romagna, a well-established Italian renewable market with strong grid infrastructure, provides natural diversification within a single, compact and rapidly executable transaction. All five sites connect to E-Distribuzione's distribution network, the grid operator serving the majority of mainland Italy and the islands.
The vendor is an international renewable energy developer established by senior industry professionals, with a diversified global pipeline exceeding 6 GW across solar, wind, and Battery Energy Storage System (BESS) projects spanning multiple jurisdictions. The company has successfully advanced projects to the Ready-to-Build and commercial operation stage across more than 20 projects, with over 215 MWp now in commercial operation under third-party ownership. This history of successful divestiture — including over 850 MW of renewable energy projects transacted — demonstrates the company's capacity to deliver bankable, investable assets and execute complex M&A transactions at various development stages.
The seller's approach is characterised by rigorous site screening, with only approximately 10% of identified opportunities advancing through to development, ensuring that assets entering the pipeline meet institutional standards for land security, grid feasibility, and permitting viability from the outset. Recognition from leading global investors and offtakers — including KKR, European Energy, Capital Dynamics, Iren, Trina Solar, and Iberdrola — reflects a consistent standard of asset quality and transaction discipline.
The portfolio comprises five independent project companies (SPVs), each holding full land rights, grid connection agreements, and construction permits. The sites range from approximately 1 MWp to 2.7 MWp individually, aggregating to a portfolio well suited for investors seeking a manageable construction programme with rapid time-to-revenue. All sites feature flat, unobstructed terrain suitable for single-axis tracker or fixed-tilt bifacial installations, maximising energy yield within the permitted footprints.
| Project | Region | Municipality | DC Capacity (MWp) | AC Connection (MWac) | Yield P50 (MWh/MWp/yr) | Performance Ratio | Connection (kV) | RtB Status | Exp. COD |
|---|---|---|---|---|---|---|---|---|---|
| Moesia | Sicily | Ramacca | 2.700 | 2.538 | 1,910 | 86.38% | 20 | ✓ RtB | Q3-26 |
| Dalmatia a | Sicily | Aragona | 0.995 | 0.901 | 2,014 | 86.45% | 20 | ✓ RtB | Q3-26 |
| 29 a | Emilia-Romagna | Terre del Reno | 2.102 | 1.995 | 1,631 | 85.40% | 15 | ✓ RtB | Q3-26 |
| 29 b | Emilia-Romagna | Terre del Reno | 1.430 | 1.300 | 1,631 | 85.40% | 15 | ✓ RtB | Q3-26 |
| Cappadocia | Emilia-Romagna | Castelfranco Emilia | 2.231 | 1.884 | 1,603 | 87.44% | 15 | JR Exp. Q1-26 | Q3-26 |
RtB definition: Land secured, grid connection (STMG) accepted, and construction permits (PAS/EIA/AU) obtained with 120-day judicial review period lapsed. Cappadocia's judicial review period expires Q1-2026.
Italian solar project authorisation follows one of two primary regulatory pathways depending on plant size and regional classification. Projects below 1 MW or situated on industrial land typically obtain a Procedura Abilitativa Semplificata (PAS) — a simplified authorisation procedure — while larger projects or those with more complex grid routing may require an Autorizzazione Unica (AU), a single unified authorisation from regional authorities. In both cases, the 120-day judicial review period following authorisation must lapse before a project achieves Ready-to-Build (RtB) status, at which point no further administrative challenge is possible. Four of five Caterpillar sites have completed this process in full; Cappadocia's review period expires in Q1-2026.
Note: Project 29 was authorised through the PAS procedure for the plant site, while the cable route obtained approval separately under the Autorizzazione Unica (AU) process. Both authorisations are fully obtained and judicial review periods have lapsed.
Project Caterpillar is structured as a 100% share acquisition of the project Special Purpose Vehicles (SPVs) at Ready-to-Build stage. The seller exits fully upon transaction closing, with no further role or obligation in construction, financing, or asset management post-COD. This clean exit structure places full construction mandate with the incoming investor, who benefits from complete control over EPC procurement, technology selection, and O&M arrangements from day one. The compact portfolio size — spanning five projects within two Italian regions — enables rapid execution and limits transaction complexity relative to larger, multi-region portfolios.
The assets operate within Italy's stable and mature renewable energy regulatory framework, supported by the Net Zero Industry Act (NZIA) and the Italian renewable energy auction regime (FERX), which continue to provide a credible, long-term policy backdrop for merchant and contracted solar revenues. Full technical, legal, and permitting documentation is available via a secure Virtual Data Room (VDR) to qualified investors upon execution of a standard Non-Disclosure Agreement (NDA).
The following timeline reflects the indicative process communicated in the seller's Information Memorandum. Santi Capital is facilitating investor introductions to the seller. Qualified investors should contact us to obtain the Phase 1 Package and begin the NDA process.
Full technical specifications, land agreements, permitting certificates, grid connection confirmations, and financial model are available to credentialled investors. Contact Santi Capital to execute an NDA and gain access to the project VDR.