What does RTB mean in solar: the ready to build stage in Italy

RTB meaning: a definition for investors

In the solar market, RTB (ready to build) describes a project that has completed development and can move to construction without further authorisation steps. The term is used in sale and purchase agreements, in co-development contracts and in teasers, but it is not a legal category defined by a single Italian statute. It is a market convention, which is why every investor should check what lies behind the label rather than accept it at face value.

In practice, an RTB solar project in Italy combines three pillars: a final authorisation title, a grid connection solution accepted by the producer, and secured rights over the land. Around those pillars sit the technical documents that allow an EPC contractor to price and build the plant.

RTB is one of the four stages through which investors can search on Pipeline.Solar, alongside greenfield co-development, brownfield plants ready for connection and operating plants at COD. The full sequence is described in our guide to solar development pipeline stages.

The RTB checklist: what a ready to build project should hold

The items below are those an investor typically expects to find in a project presented as RTB. The list is a reading aid, not a substitute for the investor's own due diligence.

• Authorisation title: depending on the project, a PAS (procedura abilitativa semplificata) that has become effective or an autorizzazione unica (AU), under the regimes reorganised by Legislative Decree 190/2024. See PAS and AU solar permitting in Italy.
• Environmental steps: where required, the outcome of the VIA or of the screening procedure.
• Grid connection: an STMG issued by Terna or by the distributor and accepted by the producer within the applicable terms, under the TICA rules. See STMG and TICA explained.
• Land rights: ownership, a registered surface right (diritto di superficie) or a binding option, covering both the plant area and the connection route where relevant.
• Technical package: design documents consistent with the authorised layout, yield assessment and the information needed for an EPC tender.
• Corporate and contractual clarity: who holds titles and the STMG, and whether they can be transferred through a share deal or an asset deal.

RTB vs late-stage: when something is still missing

Many projects reach the market just before RTB. A PAS may have been filed but not yet approved, the land may still be under option, or the connection solution may need an update. On Pipeline.Solar these are called late-stage or near RTB projects. They are shared with compatible investors anyway, with the missing items made explicit in the teaser, because the residual risk can be priced and some buyers prefer to complete the last steps themselves.

The distinction matters for valuation and for contract structure: an RTB transaction usually focuses on transfer and construction, while a late-stage transaction often includes conditions precedent tied to the outstanding milestones.

RTB vs NTP vs COD

Three acronyms mark the passage from development to operation. They are often confused, so it helps to place them in order.

Between NTP and COD the plant is built. On this site, plants that are built or nearly complete and awaiting connection are classed as brownfield, while plants already producing are classed as COD. A further option is the turnkey plant, bought once the EPC has completed it.

Why the RTB stage attracts investors

RTB sits at a balance point. Development risk, which includes authorisation and connection uncertainty, has largely been absorbed by the developer. Construction risk and market risk remain with the buyer, who keeps control over the EPC choice, procurement and financing structure. For funds, IPPs and utilities that want to build their own portfolio, this combination is often the preferred entry point.

The price of an RTB project depends on factors rather than on a single benchmark: connection cost, land terms, expected CAPEX, location and available revenue schemes such as FER X. Our guide to solar project valuation lists them.

How investors use Pipeline.Solar to find RTB projects

Projects are never published on the site. 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 in MW, regions, technologies and preferred structures. When a project whose single-plant capacity fits your range enters the pipeline, the staff checks it and sends you a short teaser from deal@pipeline.solar.

Each teaser reports standard fields that map directly to the RTB checklist: capacity, STMG cost, estimated days to connection, land in surface right or for sale and related costs, development cost, PAS filed and PAS approved. If the project fits, the next steps are NDA, data room access and direct negotiation with the owner.

To start, set your RTB search criteria or write to us on WhatsApp. Opportunities depend on the projects available at the time.