What a late-stage solar project is
A late-stage or near RTB solar project is a development that has passed most of the critical milestones but has not yet reached full ready-to-build status. In the Italian market this usually means that the grid connection is defined, the land position is largely secured and the permitting procedure is underway or close to completion.
For an investor, advanced stage solar development sits between greenfield co-development and a fully authorised RTB project. The development risk is much lower than at the start, but it is not zero. Many buyers actively look for this stage because it allows them to enter before the final title is issued and to influence the last steps of the process.
Typical open items in near RTB solar projects
The missing elements vary from project to project. The most common ones are:
- PAS filed but not yet approved: the simplified authorisation procedure has been submitted to the municipality and is under review. The teaser shows both fields, PAS filed and PAS approved, so the status is immediately clear.
- Land under option: the surface right or purchase is agreed in principle through an option or preliminary agreement, but the final deed has not been signed yet.
- STMG accepted but design to be updated: the grid connection offer has been accepted, yet the layout, the module technology or the connection solution may need to be revised before construction.
- Single authorisation (AU) procedure in progress, possibly with an environmental screening or assessment still open.
For more detail on each title, see the pages on permitted solar projects with PAS and on projects with an accepted STMG.
How residual risk is priced
Pipeline.Solar does not publish prices and does not suggest values. What can be said is which factors drive the negotiation on a late-stage project:
- which milestone is still missing and how much it weighs on the overall timeline;
- whether the competent authority has already raised observations or requested integrations;
- the cost and the estimated connection time indicated in the STMG;
- whether the land is in surface right (DDS) or for sale, and how robust the option is;
- the area classification under the national and regional rules on suitable areas, which affects procedures and timing.
A common way to handle the gap is to split the consideration: one part at signing and one part when the missing item is obtained. The structure is agreed directly between investor and project owner. Our guide to solar project valuation explains the factors in more depth.
Why late-stage projects are shared via teaser
Some platforms only circulate fully authorised projects. Pipeline.Solar takes a different approach: late-stage solar projects are shared with compatible investors because for many mandates they are the most interesting window. The condition is transparency.
Every project enters the pipeline with the same standard fields: capacity, STMG cost, estimated connection days, land in DDS or for sale with the related costs, development cost, PAS filed, PAS approved. If a field is not yet available, the teaser says so. You never have to guess whether a project is RTB or near RTB.
Teasers are sent manually by the staff, from deal@pipeline.solar, only when the capacity of the single plant falls within your range. Projects are never published on the website.
Who looks for near RTB solar projects
Late-stage projects suit several investor profiles:
- IPPs and utilities that have internal permitting teams and can complete the last steps themselves;
- funds that want a better entry point than RTB while keeping development risk limited;
- EPC contractors looking for projects to build and willing to follow the final authorisation phase;
- foreign investors entering Italy who prefer a project with a defined connection and a visible permitting path.
If you are not sure whether late-stage fits your strategy, compare it with the other stages on the solar project types page.
How to receive late-stage solar projects
The process is simple. You contact us via WhatsApp or through the investor access form. After an introductory call you receive a personal link to the reserved area, where you set your criteria: stages of interest, minimum and maximum capacity of the single plant, regions, technologies and deal structures. You can tick RTB and near RTB together or separately.
When a matching project enters the pipeline, you receive a short teaser. If you are interested, the next steps are NDA, access to the data room, your own technical and legal checks, and direct negotiation with the project owner. Each teaser is sent manually by the staff.
Ready to start? Set your search criteria and indicate that you also consider late-stage projects.
Frequently asked questions
Is a near RTB project riskier than an RTB project?
Generally yes, because at least one milestone is still open. The teaser lists what is missing so you can assess the residual risk with your advisors before signing the NDA.
Can I receive only RTB projects and exclude late-stage ones?
Yes. In the reserved area you choose the stages you are interested in. If you select only RTB, late-stage projects are not sent to you. You can change your criteria at any time.
Does Pipeline.Solar carry out due diligence on late-stage projects?
No. Pipeline.Solar performs a preliminary screening of the data and makes the documents available after the NDA. Due diligence is the responsibility of the investor and its advisors.
How are payments usually structured on a late-stage deal?
Often part of the consideration is linked to obtaining the missing milestone. The structure is negotiated directly with the project owner. See also milestone-based co-development.