What greenfield solar projects mean on Pipeline.Solar
In this pipeline, a greenfield opportunity is not a finished file for sale. It is a solar co-development: you, as investor, look for a developer or a technical studio that develops projects on your behalf, and you finance the work step by step. The developer brings local knowledge, land contacts and permitting experience; you bring capital and a clear target for the final asset.
This is the stage with the highest development risk, and also the one that gives you the most influence on site selection, design, connection solution and structure. Investors who want a more defined asset usually look at ready-to-build projects or at the late-stage projects that are close to authorisation.
A network of developers and technical studios
Pipeline.Solar works with a network of developers, project owners, engineering studios and EPC contractors across Italy. For greenfield mandates, the useful partner is a team that can manage the whole chain: land scouting and agreements, connection request, environmental and landscape assessments, filing with the competent authority and dialogue with the municipality and the grid operator.
Who you are introduced to depends on your criteria and on the projects available at the time. If you want to understand who these teams are and how they work, see our page on solar project developers in Italy.
Typical milestones in milestone-based development
A solar developer partnership is normally structured around milestones that can be verified with a document. The exact list is negotiated, but the logic is usually this:
- STMG accepted: the grid operator (Terna for high voltage, a distributor such as e-distribuzione for medium and low voltage) has issued the connection offer under the TICA rules and the producer has accepted it. See projects with accepted STMG.
- Land rights secured: a surface right (DDS) or a purchase agreement, often first as an option, registered where required.
- PAS or AU filed: the permit application is submitted under the regime that applies to the project, as reorganised by Legislative Decree 190/2024.
- PAS or AU obtained: the permit is granted and the project is RTB.
Further milestones may be added, for instance the outcome of an environmental screening or VIA, or the approval of grid works.
How milestone payments are structured
In a typical development services agreement, the investor pays a defined amount when each milestone is reached and documented, while the developer bears the cost and effort of getting there. Payments can be combined with a final success fee at RTB or at the transfer of the project company. The detailed mechanics of conditions, exclusivity and exit options are covered in solar co-development milestones.
Costs are not standard. They depend on the size of the plant, the voltage level and the cost of the STMG, the type of land agreement, the permit regime, the presence of constraints and the amount of engineering required. Teasers report the development cost as one of the standard fields, so you can compare proposals on the same basis.
Risks in greenfield and how to manage them
- Grid risk: saturated areas or expensive connection works can change the economics of a project.
- Permitting risk: suitable areas under the DM of 21 June 2024 and regional laws, landscape constraints and environmental procedures influence both outcome and timing.
- Land risk: on agricultural land, Decree-Law 63/2024 restricted ground-mounted PV, with exceptions and with agrivoltaic still possible in the permitted configurations. See agrivoltaic projects.
- Counterparty risk: the reliability of the developer matters as much as the site.
Milestone payments limit your exposure, because you pay for progress that can be checked. Your own advisors remain responsible for the due diligence at each step.
How to receive greenfield opportunities
Contact us on WhatsApp or through the investor access form. After an introductory call you receive a personal link to your reserved area, where you select greenfield as a stage and set the power of the single plant, regions, technologies and the co-development structure. When a proposal fits, our staff sends you a teaser by email. The NDA and the data room come next. Each teaser is sent manually by the staff after a check.
Ready to start? Set your search criteria.
Frequently asked questions
Do I buy a project when I invest in greenfield?
Not at the start. You finance the development of one or more projects through an agreement with the developer, and you acquire the project, usually the SPV, when the agreed milestones are reached.
Which milestones are most common?
Accepted STMG, secured land rights, PAS or AU filed and PAS or AU obtained. Each one is tied to a document that can be checked before payment.
Can greenfield include agrivoltaic or BESS?
Yes, if your criteria include those technologies and the projects available at the time allow it. You can select ground-mounted PV, agrivoltaic, BESS or hybrid in your reserved area.
Is greenfield suitable for every investor?
It suits investors who accept development risk in exchange for control and an earlier entry. Investors who prefer a defined asset usually choose RTB, brownfield or COD stages.