How the data room fits the process
On Pipeline.Solar, projects are never published. Investors receive a short teaser with standard fields when a project fits their criteria. If interested, they sign an NDA, and where provided a scouting agreement, and then access the data room prepared with the project owner. The documents support the investor's own due diligence; Pipeline.Solar performs only a preliminary screening of the data.
The checklist below is a guide to what is usually requested. Not every project will have every document, and the exact content depends on the stage, the technology and the deal structure.
A clear structure matters as much as the content. Investors and their advisors work faster when the data room mirrors the areas of review, with one folder each for corporate, land, grid, permits and technical documents, a consistent naming convention, dated versions and an index that states what is included and what is still to come. A question and answer log, kept alongside the folders, avoids repeating the same requests and records the clarifications given by the owner.
The amount of material grows with the stage. The table below gives a quick orientation before the detailed lists.
| Stage | Core of the data room |
|---|---|
| Greenfield | Land options, connection request or STMG, preliminary studies, milestone plan |
| Late-stage | As above, plus filed permit and evidence of what remains open |
| RTB | Effective title, accepted STMG, secured land rights, design package |
| Brownfield | RTB documents plus EPC, construction and testing records |
| COD | All of the above plus operating, production and offtake records |
Corporate and contractual documents
- Project company documents: articles, shareholder register, powers of representation, recent financial statements.
- Existing agreements: development, co-development and services agreements, with any success fee or change-of-control clauses.
- Encumbrances, security interests and pending litigation, if any.
- For an asset deal, a list of assets and contracts to be transferred and the consents required.
Land documents
- Cadastral extracts and maps of the plots, including the connection route.
- Urban planning certificates.
- Surface right deeds (diritto di superficie), purchase deeds, preliminary agreements or options, with evidence of registration where applicable.
- Searches for mortgages and other encumbrances.
- Easements and access rights for roads and cables.
Land files are often the most fragmented part of a data room, especially when a project spans several owners. A summary table linking each plot to its deed, owner and expiry date makes the review much faster. See solar land lease vs purchase for the factors behind the land fields in the teaser.
Grid connection documents
- Connection request and STMG issued by Terna or the distributor.
- Proof of acceptance and of payments made under the TICA rules.
- Correspondence with the grid operator, detailed technical solution where available, and any agreements on shared works.
- Status of authorisation of the network works.
Permitting documents
- The authorisation filing (PAS or AU) with all attachments and technical drawings.
- Opinions of the authorities, minutes of the conference of services where held.
- Environmental documents: VIA or screening outcome and prescriptions, where applicable.
- The final title and evidence that it is effective, with deadlines for works.
- Any appeals or challenges.
Technical documents
- Design consistent with the authorised layout.
- Yield assessment with its assumptions.
- Site studies: geotechnical, hydrological, topographical, shading.
- For agrivoltaic projects, documentation of the agricultural plan and compliance with the configurations allowed.
- For BESS and hybrid projects, the storage system specifications.
- CAPEX estimate or EPC offers, where available.
Additional documents for brownfield and COD
When the plant is already built, the data room grows. For brownfield plants awaiting connection, expect the EPC contract and warranties, works logs, test and commissioning reports, as-built drawings and the status of grid works. For operating plants at COD, expect in addition the grid operating agreements, production data, O&M contract and reports, insurance policies and offtake contracts such as PPA or FER X agreements.
From teaser to data room
The teaser already anticipates some of the data in a standard form: capacity, STMG cost, estimated days to connection, land under surface right or for sale with costs, development cost, PAS filed and PAS approved. The data room lets your advisors verify those fields against the source documents. If a field in the teaser and a document in the data room do not match, that discrepancy is the first point to raise with the owner. For RTB projects in particular, the review usually starts from the title, the STMG and the land deeds, since these define whether the project can actually move to construction. To receive teasers, request investor access and set your stages and capacity range per single plant, or write on WhatsApp. Opportunities depend on the projects available at the time.
Frequently asked questions
When do I get access to the data room?
After signing the NDA and, where provided, the scouting agreement. See NDA for solar investments.
Will every data room contain all these documents?
Not always. Content depends on the stage, technology and structure of the deal. Missing items are part of what the investor evaluates.
Who prepares the data room?
The data room is prepared with the project owner, who is responsible for the documents. Pipeline.Solar makes it available to the investor after the NDA.
How do I start?
Complete the investor access form and set your criteria.