Solar project stages: four names, one logic
Pipeline.Solar classifies every opportunity in one of four stages: greenfield, RTB, brownfield and COD. Inside RTB we also distinguish late-stage projects, which are close to authorisation but still miss an element, and turnkey plants, which are built by an EPC and sold complete. The logic is simple: the further a project has moved, the fewer open risks remain and the more you pay for what has already been achieved.
Choosing a stage is therefore a choice about which risks you want to carry and which skills you have in house. An IPP with its own development team may be comfortable steering greenfield work, while a fund that needs a defined asset for its investment committee will often focus on RTB and COD.
Comparison of solar project types
| Stage | Relative risk | What you acquire | Typical documents |
|---|---|---|---|
| Greenfield | Highest: grid, permit and land still open | A development path, paid at milestones | Development agreement, land options, connection request |
| Late-stage | Residual: one or more elements missing | A project close to RTB with declared gaps | Accepted STMG, PAS or AU filed, land agreements or options |
| RTB | Construction and connection risk remain | An authorised project, usually the SPV | Permit, accepted STMG, registered land rights, design |
| Turnkey | Lower construction risk on your side | A plant built by an EPC | EPC contract, tests, as-built documents, warranties |
| Brownfield | Mainly connection risk | A built plant waiting for energisation | Status of grid works, tests, operating regulation |
| COD | Operating and market risk | A producing asset with history | Production data, PPA or GSE contracts, O&M |
The table shows relative positions, not values. Prices and timing depend on each project; see solar project valuation for the factors involved.
RTB vs late-stage vs greenfield
These three are often confused. A greenfield project is at the start of development, and on this site it is offered as co-development with a developer working for you. A late-stage project has most of the work done but is missing something specific, for example a PAS filed and not yet approved, or land still under option. An RTB project has the permit, the accepted STMG and the land rights needed to build. Late-stage projects are shared as teasers too, with the missing fields clearly shown, so you can decide whether the residual risk is acceptable.
Technologies you can select
- Ground-mounted PV: subject to the rules on suitable areas and, on agricultural land, to the limits introduced by Decree-Law 63/2024 and its exceptions.
- Agrivoltaic: systems that combine farming and generation in the configurations allowed by the MASE guidelines of June 2022. See agrivoltaic projects.
- Standalone BESS: storage projects with their own connection, in a context shaped by the MACSE mechanism run by Terna and by ancillary services markets. See BESS projects.
- Hybrid PV plus storage: plants that share the connection between generation and batteries. See hybrid projects.
Single projects and portfolios
Projects can be offered individually or as clusters and portfolios. Matching always works on the power of the single plant: if you want a portfolio, set the MW range that each plant should respect, not the total. A portfolio teaser lists the plants with their standard fields, so you can see which ones fit. More in solar portfolios.
Choose the types that fit your mandate
In your reserved area you can select any combination of stages and technologies, together with plant size, regions and structure. Start on WhatsApp or through the investor access form; after a short call you receive your personal link. Choose your project types.
Frequently asked questions
What is the difference between RTB and late-stage projects?
An RTB project has the permit, the accepted STMG and the land rights needed to build. A late-stage project is close to that point but still misses at least one element, which is indicated in the teaser.
Are greenfield projects suitable for institutional investors?
They can be, when the investor accepts development risk and structures payments at milestones. Many institutional investors prefer RTB or COD, but some use greenfield to build their own pipeline.
Can I receive several project types?
Yes. You can select more than one stage and technology, and change your choice at any time.
What is the difference between a turnkey plant and a brownfield plant?
A turnkey plant is bought from the EPC that builds it, often before or during construction, under an agreed scope of delivery. A brownfield plant on this site is already built or nearly complete and is waiting for connection, regardless of who built it. Both reduce construction effort on the buyer side, but the documents to review differ.