Investment Teaser · Ready-to-Build · EIB Eligible
88 MWp solar + 75 MW / 350 MWh BESS
A fully merchant, co-located hybrid validated on observed market history, not modelled assumptions.
Lesini · Western Greece · 38.386°N / 21.155°E
Situated in one of Europe's highest solar irradiance regions, the project is expected to deliver materially higher PV capacity factors and enhanced battery utilization. The asset is fully licensed at Ready-to-Build (RTB) stage, with grid connection terms in the final approval process.
A Typical Solar August Day · An Illustrative Sequence of Actual Prices, Storage and the Duck Curve
One day, one asset: roughly €57k captured — the morning’s sunlight sold into the most expensive hours of the evening. Repeat ×365: this is why the BESS is the revenue engine.
Phaethon Renewable Energy plc
Why Merchant Hybrid Assets Can Outperform Standalone PV Under FiT, FiP and CfD Regimes
Why Merchant Hybrid PV+BESS?
Merchant Hybrid PV+BESS vs. Standalone PV Under Support Schemes
| Merchant Hybrid PV+BESS | Standalone PV under FiT | Standalone PV under FiP | Standalone PV under CfD | |
|---|---|---|---|---|
| Revenue Potential | High | ✕ Fixed, Limited Upside | ○ Moderate | ○ Moderate |
| Market Exposure | Full (Advantage) | ✕ None | ○ Partial | ○ Partial |
| Risk Profile | Managed / Diversified | ✕ Policy & Regulatory | ○ Volume & Price | ○ Counterparty & Termination |
| Flexibility | High | ✕ None | ○ Limited | ○ Limited |
| Long-Term Value | High | ✕ Low to Moderate | ○ Moderate | ○ Moderate |
| Risk-Adj. Returns | Superior | ✕ Lower | ○ Moderate | ○ Moderate |
Investment Thesis · Section III
Seven structural reasons this asset belongs in a premium infrastructure portfolio.
Built on 35,040 ENTSO-E 15-minute price records, the Year 1 net revenue of €20.3M is fully observable market history with no price escalation assumptions. This establishes a conservative, data-backed cash flow floor, with any recovery above 2025 realised levels representing pure upside.
Rising solar penetration in Greece intensifies the duck curve, increasing intraday volatility. This directly expands Lesini's arbitrage spread, meaning system-wide renewable growth structurally improves project-level revenue rather than eroding it.
1. Higher solar resource. 1,500–1,900 kWh/m²/year (GHI) vs. 900–1,150 kWh/m²/year across Germany, the Netherlands and Belgium. Greece receives 30–60% more annual solar irradiation than Northern Europe, resulting in higher PV capacity factors and greater daytime renewable generation. This creates deeper midday price troughs, increasing the energy arbitrage opportunity available to battery storage.
2. More sunshine. 2,600–3,000 sunshine hours/year vs. 1,400–1,700 hours/year in Germany and the Netherlands. Longer daily solar production provides extended battery charging windows and more predictable intraday price spreads, supporting efficient 4-hour BESS operation across 250+ cycling days per year.
DSCR remains robust across all scenarios: 2.61× (S1), 2.24× (S3 – recommended), and 2.16× (S4 EIB). All cases remain well above the 1.20× covenant threshold throughout the debt tenor. A breach would require approximately a −43% revenue shock, indicating strong structural downside protection.
The completely flat, horizontal morphology of the site allows fast installation with minimal landscaping and earthworks. Land preparation has already commenced on approximately 20% of the plot, further compressing the completion timeline.
The asset is fully licensed and transferable at RTB stage, supported by a single connection point and BESS warranty framework that preserves residual asset quality. It supports multiple exit pathways, including senior bank refinancing, EIB-blended structures, and strategic or infrastructure fund acquisition.
Grid connection in Greece faces a 4–6 year development bottleneck. Lesini is fully licensed at RTB stage with connection terms in final process — shovel-ready and co-located on a single connection point, positioned to bypass the queue entirely. This makes replication economically and temporally constrained.
Section II · Technical Due Diligence — Solar & Climate Analysis
Lesini · 38.386°N / 21.155°E — 88 MWp PV + 75 MW / 350 MWh BESS, validated on the PVGIS-SARAH3 19-year hourly record (2005–2023): 166,000 data points capturing full inter-annual variability. A robust P50/P90 basis for lender technical due diligence.
Solar Resource · Monthly Irradiation
Irradiation concentrates in the comparatively long summer season. March–September delivers most of the annual resource — aligning peak production with the months of highest day-ahead prices and deepest BESS arbitrage spreads.
Source: PVGIS-SARAH3 (European Commission JRC) · 19-year monthly mean · replicated from the teaser's polar exhibit, values identical
Solar Resource · Exhibit 01
Source: PVGIS-SARAH3 (European Commission JRC) · Apr–Sep delivers 73% of annual energy · peak July 341 kWh/m²
Solar Resource · Exhibit 02
Source: PVGIS-SARAH3 (European Commission JRC) · peak irradiance ≥1,000 W/m² in 11 of 12 months · line anchored on source-labelled values (Jan 1026 · Mar 1066 · Apr 1108 · Jun 1085 · Aug 1066 · Nov 998 · Dec 818 W/m²)
Charging Strategy · Exhibit 03
| Midday window 11:00–16:00 | 58% of daily solar energy falls inside the charging window — the BESS fills before the evening dispatch. |
| Seasonal charge depth | 3.5× more available charge energy in Jun–Aug versus January — matching the peak-price season. |
| Source | PVGIS-SARAH3 · daytime profile estimated from hourly tracker data |
Climate · Exhibit 04
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tmin (°C) | 5.1 | 5.8 | 8.2 | 12.4 | 17.1 | 21.8 | 24.2 | 23.9 | 19.8 | 15.1 | 10.3 | 6.7 |
| Tmax (°C) | 11.2 | 12.1 | 15.3 | 20.1 | 25.4 | 30.2 | 33.5 | 33.8 | 29.1 | 23.4 | 17.2 | 12.8 |
| Wind (m/s) | 3.8 | 4.1 | 3.9 | 3.5 | 3.2 | 3.0 | 2.9 | 2.7 | 3.1 | 3.4 | 3.8 | 4.2 |
Mean wind below IEC Class III design threshold · December gust extreme 37.8 m/s is an isolated event within the Class II envelope
Production · Exhibit 05
224 days/yr above threshold — 61.4% of calendar days · July: 99.7% of days above threshold, the peak month
Technical Summary
Top decile for Greek projects. 43% above the European average of ~1,800. Validated by the 19-year PVGIS-SARAH3 hourly record.
April–September delivers 73% of annual energy in 6 months. Seasonal BESS revenue aligns with peak DAM prices.
Module temperature losses minimised. Peak 35.7°C (Aug) within IEC Class operating range. No extreme heat stress.
The 88 MWp array provides consistent daily charging cycles for the 350 MWh BESS on 61.4% of calendar days.
Well below the IEC Class III design threshold. December gust extreme 37.8 m/s is an isolated event within the Class II envelope.
19-year PVGIS-SARAH3 hourly dataset captures full inter-annual variability. Robust P50/P90 basis for lender technical due diligence.
The Site · Film
Arbitrage Mechanics · Exhibit 06
The battery charges in the midday solar trough (€8–30/MWh in deep-summer months) and discharges into the evening ramp (€80–140/MWh) — a net spread of ~€110/MWh per cycle at 90% round-trip efficiency. BESS dispatch contributes 82% of gross Year-1 revenue.
European Benchmark · Exhibit 07
Average 2-hour daily price spread · May 2024 – May 2025 (€/MWh, Day-Ahead) · Source: Synertics / ENTSO-E
Greece · Rank #2
average daily price spread — #2 in Europe for merchant BESS arbitrage economics.
Only Romania (€198) ranks higher — by just €3/MWh. High irradiation, strong evening peaks and deep DAM liquidity create the ideal environment for hybrid PV+BESS merchant operation. +63% wider daily spread than Germany (€195 vs €120) · 320+ equivalent cycles/yr · demand peak 18:00–21:00 (ADMIE), captured daily.
Revenue · Year 1
| BESS dispatch | +€17.09M · 82% of gross · evening dispatch (Exhibit 06) |
| Grid charging cost | −€1.33M/yr · Rule 11B · 7.8% of BESS revenue (Exhibit 08) |
| Net revenue · Yr 1 | €20.3M — per the Lesini Hybrid 88 MW financial model (19.06.2026), ENTSO-E 2025 actuals, zero escalation |
Regulatory Upside · Exhibit 08
Source: Phaethon Lesini Hybrid 88 MW Financial Model (19.06.2026) · ENTSO-E 2025 DAM · prices capacity-independent
Debt Coverage · Exhibit 09
All scenarios above covenant throughout the debt service period · S3 minimum 1.88× vs 1.20× covenant. Six financing structures modelled at 60–75% LTV, from plain-vanilla senior debt to an EIB-blended tranche at 4.50%; equity IRRs range ~16.75% (60% LTV, verified) to ~21.86% (70% LTV with full Greek depreciation shield) per the financial model.
| DSCR Yr 1 | 0 |
| DSCR Yr 1 | 0 |
| Min DSCR | 0 · Yr 15 vs 1.20× covenant |
| Equity IRR | 0 |
| DSCR Yr 1 | 0 |
| Min DSCR | 0 · Yr 12 vs 1.30× covenant |
Source: DSCR Profile — All Four Scenarios (Exhibit 09) · PHAETHON Lesini Hybrid 88 MW Financial Model (19.06.2026). Full scenario set — leverage, IRR, MOIC, NPV per structure — disclosed in the data room.
Debt Resilience · Exhibit 10
Breach requires a −43% revenue decline vs 2025 actuals · Source: Sensitivity & Comparison sheets
Counterparty Risk · Exhibit 11
| BESS maintenance | €630,000 |
| Land lease | €422,400 · confirmed · term to evidence |
| Personnel | €249,333 |
| Insurance | €244,446 · budgeted |
| PV O&M | €220,000 |
| Total OPEX · Yr 1 | €1.766M |
EPC, BESS supplier & warranty, O&M provider and route-to-market counterparties: evidenced in the data room.
Interactive · Exhibit 13
Move the levers below and watch the returns and metrics recompute in real time.
An exercise for the diligent: find a scenario that breaches the 1.20× covenant.
Structure replicated from the model: 15-year annuity from Year 1, EBITDA-based DSCR, accelerated Greek depreciation with tax-loss carry-forward, 22% corporate tax, 70/30 equity phasing. Dispatch above 100% captures 55% of prime-spread value with incremental augmentation cost. S4 applies the EIB blend, a 1.30× covenant and the years 1–3 cash sweep (nominal 50%, effective ≈42% per the workbook’s realized debt schedule). The 100% dispatch setting corresponds to the model’s base case of 0.89 equivalent full cycles per day on average.
Replicates the Phaethon Lesini financial model (workbook of 01.07.2026, ENTSO-E 2025 DAM basis) scaled linearly from 54 MWp / 45 MW / 215 MWh to 88 MWp / 75 MW / 350 MWh. Year-1 net revenue €20.94M (PV €5.10M + BESS €17.11M − grid charging €1.33M + optimisation uplift); CapEx €126.8M at €1,440k/MWp. Scenario anchors S1–S3 and the unlevered case reproduce the workbook exactly; S4 within 0.1 percentage point on IRR and 0.02× on MOIC after calibrating the sweep to the workbook’s realized schedule. Breach headroom follows the workbook’s Year-1 sensitivity definition. The full model is available in the data room under NDA.
Powering the future with SANYOSMI-KENESIS: 14,000 cycles of unrivaled performance, backed by decades of SANYO innovation and profitability.
The SSK BESS's 14,000 warranted cycles empower aggressive dispatch strategies that lesser systems cannot sustain. At 320 cycles per year, the SSK comfortably delivers a targeted 20-year merchant battery life — a duration that aligns with the full project finance tenor. This longevity translates directly into more lifetime revenue.
In year 7, most battery systems have consumed the majority of their useful life. Not so with SSK. After 7 years at 320 cycles per annum, an SSK BESS retains nearly 10,000 cycles of remaining warranty — another 20+ years of operational potential. This protects asset value in any exit scenario, a critical advantage in attracting top-tier institutional capital.
Delivery Risk · Exhibit 12
Permitting and connection milestones. Confirmed items are contractually or procedurally secured; amber items are evidenced in the data room prior to financial close.
Investor Access
Full technical due-diligence package, scenario financial model and permitting evidence — disclosed to qualified counterparties under NDA.
Company Information · The Sponsor
Hellenic developer of utility-scale solar PV and hybrid battery energy storage systems
Project in Focus
Lesini Hybrid — 88 MWp Solar PV + 75 MW / 350 MWh BESS
Aitoloakarnania, Western Greece
| Legal Name | PHAETHON Renewable Energy Sources plc |
| Companies House No. | 043556806000 |
| Tax ID (ΑΦΜ) | 998682470 |
| Jurisdiction | Hellenic Republic · Greece |
| Sector | Renewable Energy · Solar PV & BESS |
Contact
Solomou 4
54248 Thessaloniki
Greece
Chelmou 04
25006 Akrata
Greece
Main Square of Katochi
30001 Aitoloakarnania
Greece
Please state your institution, mandate and intended structure. NDAs are exchanged prior to any disclosure of the financial model or permitting documentation.
Legal
This presentation (the "Presentation") has been prepared by Phaethon Renewable Energy Sources plc (the "Company") solely for confidential information and discussion purposes. It is provided on a strictly confidential basis and may not be copied, reproduced, distributed, disclosed, transmitted, or relied upon, in whole or in part, without the prior written consent of the Company.
By accepting this Presentation, the recipient agrees to maintain its confidentiality and to use the information solely for the purpose of evaluating a potential commercial, strategic, financing, or investment opportunity involving the Company.
This Presentation does not constitute, and shall not be construed as, an offer, invitation, solicitation, recommendation, or commitment to sell, issue, purchase, subscribe for, or otherwise acquire any securities, shares, tokens, digital assets, financial instruments, or other investment products in any jurisdiction.
Any potential offering shall be made only pursuant to formal offering documentation prepared in accordance with applicable laws and only to eligible persons where such offering is lawful. This Presentation does not constitute legal, tax, regulatory, accounting, financial, or investment advice. Recipients should obtain independent professional advice before making any decision.
This Presentation contains forward-looking statements, projections, estimates, forecasts, targets, business plans, financial models, assumptions, and illustrative scenarios. Such statements reflect the Company's current views as of the date hereof and involve known and unknown risks, uncertainties, and factors outside the Company's control. Actual results, revenues, energy production, financial outcomes, valuations, and timelines may differ materially from those expressed or implied. No assurance, representation, or warranty is given that any projected or anticipated outcome will be achieved.
The information contained herein, including financial, technical, operational, commercial, regulatory, and market information, has been prepared from sources believed by the Company to be reliable. Such information has not been independently verified by any third party, auditor, financial institution, technical adviser, or regulatory authority unless expressly stated. No representation or warranty, express or implied, is made regarding accuracy, completeness, fairness, reasonableness, or reliability. Recipients should conduct their own independent review, verification, and due diligence.
This Presentation is a summary document and does not contain all information that a prospective investor, partner, lender, or counterparty may require. Further information, supporting documentation, technical studies, financial models, contracts, permits, and other relevant materials may be provided through a controlled data-room process, subject to appropriate confidentiality arrangements and applicable legal requirements.
The distribution, possession, or use of this Presentation may be restricted or prohibited by applicable laws in certain jurisdictions. Each recipient is solely responsible for ensuring compliance with all applicable laws, regulations, securities rules, marketing restrictions, and regulatory requirements applicable to them. The Company accepts no responsibility for any violation of such restrictions by any recipient.
Where this Presentation refers to blockchain-based assets, tokenization structures, digital securities, carbon-linked instruments, or other digital representations of assets or rights, recipients acknowledge that the legal and regulatory classification of such instruments may vary significantly between jurisdictions. Regulatory frameworks applicable to digital assets continue to develop. No assurance is provided that any proposed tokenization structure, issuance model, or digital asset framework will be permitted, approved, or compliant in any specific jurisdiction. Recipients must obtain independent legal, regulatory, tax, and financial advice before undertaking any action.
To the fullest extent permitted by law, the Company and its directors, officers, employees, advisers, representatives, and agents accept no responsibility or liability for any loss, damage, cost, or expense arising directly or indirectly from the use of, reliance upon, or inability to use this Presentation or any information contained herein. The Company undertakes no obligation to update, revise, or correct this Presentation or any forward-looking statements contained herein.
Appendix · References 1–12 of 24
Hybrid PV Is the Only Credible Derisking for Solar — References 1–12
SolarPower Europe — Thematic Report · Curtailment mitigation & EU market context
Mallapragada, Sepulveda & Jenkins (MIT/Princeton) — Applied Energy, 2020
Psarros & Papathanassiou (NTUA/RAE) — Journal of Energy Storage, 2022
Industry case study — Northern European market evolution
Energy Risk, March 2026
SolarPower Europe, November 2025 — PPA deal volume down
Schleifer, Murphy, Cole, Denholm — Advances in Applied Energy, 2021
Hughes, King & Hittinger — Energies (MDPI), 2025 — Direct NPV test
Denholm, Nunemaker, Gagnon & Cole (NREL) — Renewable Energy, Elsevier, 2019
Pexapark, 2024 — Cross-market negative price risk: DE, ES, FI, IT
Carbon Credits, January 2026 — 570+ negative-price hours in Germany
ESS News / EIA Survey, September 2025 — Majority using arbitrage as primary revenue
Appendix · References 13–24 of 24
Hybrid PV Is the Only Credible Derisking for Solar — References 13–24
ResearchGate / Peer-Reviewed, July 2025 — Higher irradiance improves BESS economics
Timera Energy, November 2025 — Hybrid PPAs enable shaped, quasi-baseload profiles
Pexapark, December 2025 — Co-located storage confirmed as structural path
PV Magazine / Enervis, February 2025 — Germany capture rate 59% in 2024
SolarPower Europe, February 2026 — First-ever hybrid TDD bankability framework
PV Tech, May 2025 — Utilities saw 59% drop in PPA signings 2023–24
Applied Energy, January 2025
Pexapark, 2025 — 3 GWh co-located BESS contracted in 2025
Pexapark, May 2026 — France: 45% of solar at negative prices
PV Magazine / Gousis et al., October 2025 — Pay-as-Delivered hybrid PPA
PV Europe / Pexapark, April 2026 — 2025 breakthrough year for flexibility
Renewable Energy, October 2025 — BESS costs fell 93% from 2010 to 2024
