Investment offer · Energy storage BESS · Southern Poland

Grid access secured.
Now we want to operate
with shared energy.

7 locations on the TAURON grid · 40 MW / 80 MWh · deposits paid.

GV BESS 1 has secured grid access at every location. Trading infrastructure and first revenues from 2027.

EUR 13.72M CAPEX 6% p.a. + 25% SPV COD Phase 2027 · Phase 2028
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Executive Summary

6 metrics

Facts shaping the capital investment structure.

CAPEX 2027+2028
EUR 13.72M
PLN 58.31M @ 4.25
Coupon
6%
per annum
Break-even
BEP 2031
portfolio break-even (5 years from build start)
Upside
25%
SPV in perpetuity
Volume 2027+2028
40 MW / 80 MWh
7 locations
Cumulative FCF 2038
EUR 18.4M
portfolio BEP 2031
7 locations
Signed land lease agreements. Filed and paid grid connection applications.
TRL 9 technology
Market-standard hardware only (BYD, CATL). Spend goes to kit, not R&D.
25% internal refinancing
Phase 2027 revenue covers 25% of Phase 2028 CAPEX.
MARKET · Demand

KPEiK mandates 4–6 GW of BESS by 2030.

Poland's National Energy and Climate Plan (KPEiK) — the statutory document setting energy storage capacity targets. An 18–24-month permitting process throttles supply. We're already past the gate.

4–6 GW
KPEiK target by 2030
Statutory mandate to expand power buffers.
18–24
months to obtain GCP
The primary filter eliminating 80% of early-stage investments.
7
GV BESS 1 Sp. z o.o. locations
Permitting phase closed.
Core investment thesis

The bottleneck in Polish BESS is neither capital nor technology — it's grid access. We've already cleared that gate: 7 locations with signed agreements, on the far side of the 24-month queue. What remains is unlocking shared energy.

Macro trends · Demand

Three key drivers shaping the arbitrage market.

Core observation

"The greater the instability in the world, the greater the value of energy storage."

RES Spread
In 2025, 50% of Poland's installed power capacity came from renewables.

The spread widens with every new RES install in Poland.

RES: 50% of installed capacity in Poland — December 2025, a historical first.[1]
ENTSO-E instability
On 28 April 2025, the Iberian Peninsula suffered a power outage affecting 50 million consumers.

BESS is the European Union's regulatory response to cascading disconnections. The ENTSO-E report identified the direct cause: a lack of power buffers capable of absorbing sudden voltage swings under high solar penetration. Energy storage moved to the top of the priority list.

Iberian Peninsula, 28.04.2025 — 8 fatalities, grid restoration took over a day.[2]
AI
IEA forecasts data-centre demand reaching 945 TWh by 2030 (+70% in Europe).

Cooling and compute generate spikes that force local buffering. Data centres cannot draw power directly from the grid without a buffer — every unplanned outage costs millions. Energy storage is becoming an infrastructure standard for AI facilities.

IEA: data-centre demand will double to ~945 TWh by 2030; Europe +70%.[3]
  1. [1] Notes from Poland, February 2026 — RES at 50.04% of installed capacity (December 2025). notesfrompoland.com ↗
  2. [2] ENTSO-E Expert Panel Report, October 2025 — factual report on the 28 April 2025 incident. entsoe.eu ↗
  3. [3] IEA: Energy and AI Report, 2025 — Base Case data-centre demand projection. iea.org ↗
Site portfolio

7 grid connection points on TAURON.

Phase 2027
Phase 2028
COD TBD (Kłobuck)
Site details

Parameters across 7 locations and 2 phases.

Secured land in 2 voivodeships (Silesia + Lower Silesia).

Phase 2027
Mikołów
ul. Rybnicka 11 · śląskie voiv.
Capacity2 MW / 4 MWh
GCP StatusGCP Confirmed ✓
LeaseSigned
Grid operatorTAURON
Design officeLietpol
COD04.2027
CAPEXEUR 840,000
2 MW / 4 MWh — GCP filed and granted, lease signed. Site on district heating plant grounds, cable <100 m.
Phase 2027
Lubliniec
ul. Tuwima 6 · śląskie voiv.
Capacity2 MW / 4 MWh
GCP StatusGCP Confirmed ✓
LeaseSigned
Grid operatorTAURON
Design officeLietpol
COD04.2027
CAPEXEUR 840,000
2 MW / 4 MWh — same design office as Mikołów (Lietpol). Phase 2027 design works synchronised.
Phase 2027
Tarnowskie Góry
ul. Zagórska 83 · śląskie voiv.
Capacity8 MW / 16 MWh
GCP StatusGCP Confirmed ✓
LeaseSigned
Grid operatorTAURON
Design officeInselec
COD06.2027
CAPEXEUR 2,550,000
Largest Phase 2027 location — 8 MW / 16 MWh. Site adjacent to GPZ substation, cable <100 m. COD June 2027.
Phase 2028
Myszków
woj. śląskie · śląskie voiv.
Capacity6 MW / 12 MWh
GCP StatusGCP Confirmed ✓
LeaseSigned
Grid operatorTAURON
Design officeTBD
COD04.2028
CAPEXEUR 2,600,000
6 MW / 12 MWh — GCP filed and granted, lease signed. Site on district heating plant grounds, searching for location closer to GPZ.
COD TBD
Kłobuck
woj. śląskie · śląskie voiv.
Capacity2 MW / 4 MWh
GCP StatusGCP In progress
LeaseSigned
Grid operatorTAURON
Design officeTBD
CODoczekiwanie na decyzję TAURON
CAPEXEUR 840,000
2 MW / 4 MWh — lease signed, awaiting TAURON decision on grid connection permit (GCP). CAPEX included in Phase 2028.
Phase 2028
Kłodzko I
ul. Wielisławska 9 · dolnośląskie voiv.
Capacity4 MW / 8 MWh
GCP StatusGCP Confirmed ✓
LeaseSigned
Grid operatorTAURON
Design officeLietpol
COD04.2028
CAPEXEUR 1,350,000
4 MW / 8 MWh — site adjacent to GPZ, cable <100 m. GCP filed and granted, lease signed. Geographic diversification of the portfolio.
Phase 2028
Kłodzko II
woj. dolnośląskie · dolnośląskie voiv.
Capacity16 MW / 32 MWh
GCP StatusGCP In progress
LeaseIn progress
Grid operatorTAURON
Design officeTBD
COD04.2028
CAPEXEUR 4,700,000
Largest portfolio location — 16 MW / 32 MWh. Site adjacent to GPZ substation, preliminary de-zoning approval obtained. Two free GPZ fields of 8 MW each.
Two-phase model

Phase 2027 builds the base portfolio — Phase 2028 scales it.

Construction schedule drives natural refinancing.

Phase 2027
12 MW / 24 MWh
Mikołów + Lubliniec + Tarnowskie Góry
EUR 4.23M CAPEX
Loan at 6% p.a.
Build: 07.2026 – 06.2027 · COD Q2 2027
Phase 2028
28 MW / 56 MWh
Myszków + Kłobuck* + Kłodzko I + Kłodzko II
EUR 9.49M CAPEX
75% loan + 25% refinancing
Build: 07.2027 – 04.2028 · COD Q2 2028
Phase 2027 revenue covers part of Phase 2028 costs — reducing fresh capital exposure by 25%.
"Capital scales in stages — minimising risk and maximising return."
Timeline · Q3 2026 → Q2 2028

First revenues from 12 MW in Q2 2027.

Hard delivery and energisation deadlines.

← Scroll to see full timeline →

Excel extract — full P&L and cost spec available in the Data Room package.

Portfolio break-even · 2031

2031 — capital returns. Then it works.

Simplified model: CAPEX + financing cost (6% p.a. on 70% CAPEX) vs. balancing-market revenue. Excludes OPEX, depreciation, CIT.

Portfolio break-even
2031
4 years from first investment
Cumulative FCF 2038
+18.4M EUR
on 13.7M EUR invested
Capital multiple
2.34×
horizon 2027–2038

Annual portfolio P&L (M EUR @ 4.25)

Year Revenue CAPEX Interest Net FCF Cum. FCF
20271.144.230.18−3.27−3.27
20284.749.490.56−5.31−8.58
20294.720.51+4.21−4.37
20303.460.46+3.00−1.37
2031 BEP 2.910.41 +2.50 +1.13
20322.790.36+2.43+3.56
20332.800.31+2.49+6.05
20342.720.26+2.46+8.51
20352.680.20+2.48+10.99
20362.640.15+2.49+13.48
20372.540.10+2.44+15.92
20382.540.05+2.49+18.41
"Total CAPEX 13.7M EUR. Total revenue 2027–2038: 35.7M EUR. Curve resilient to margin compression — the model already assumes revenue decline after Year 1."

Simplified model: FCF = revenue − financing cost (6% p.a. on 70% CAPEX) − capital expenditure. Full financial model in the Data Room package.

Investor model · Cash flows

Portfolio CAPEX: EUR 13.72M (PLN 58.31M). Break-even 2031.

6% p.a. on capital + 25% of SPV profit in perpetuity after repayment. Full model in the Data Room package.

CAPEX Phase 2027+2028
0
M EUR
Investor loan
9.60
M EUR (70% CAPEX) @ 6% p.a. + 30% GV equity
Revenue 2028 (40 MW)
4.74
M EUR, full operation year
Cumulative FCF 2038
18.4
M EUR, BEP 2031
0
CAPEX
EUR 13.72M
0
Revenue
Respect Energy
0
Capital
repayment
0
25% SPV
in perpetuity

Cash-flow timeline (simplified)

PeriodEventInvestor cash flow
07.2026 – 06.2027Phase 2027 build (12 MW)Phase 2027 loan, 6% interest
07.2027 – 12.2027Phase 2027 COD — first revenuesH2 2027 revenue
01.2028 – 06.2028Phase 2028 build (28 MW)Phase 2027 revenue continues
07.2028 –Phase 2028 COD — full 40 MW operationFull portfolio revenue
Capital return + 25% SPV profit in perpetuityPortfolio BEP 2031 · cumul. FCF 2038: EUR 18.4M

Excel extract — full P&L available in the Data Room package.

Revenue partner

40 MW of new capacity under professional management.

Shared energy from COD day: 40 MW / 80 MWh plugged into a ~3 TWh/year base and ~8K B2B clients. 91% of BESS profit stays with the SPV owner.

Volume base
>3 TWh
B2B clients
~8K
PPA contracts
>6 TWh
Owner share
91%
of BESS revenue
PSE
FCR/aFRR forward contracts.
Market
DAM/IDM arbitrage 24/7.
Capacity
Long-term capacity contracts.
Portfolio summary

40 MW, 80 MWh, EUR 4.74M in 2028 (full operation year).

Two-phase balance at the SPV level.

Phase 2027 Phase 2028 TOTAL
LocationsMikołów, Lubliniec, Tarnowskie GóryMyszków, Kłobuck*, Kłodzko I + II7 locations
Total capacity12 MW28 MW40 MW
Energy capacity (planned)24 MWh56 MWh80 MWh
CAPEX (EPC + storage, turnkey)EUR 4.23MEUR 9.49MEUR 13.72M
COD06.202704.2028 (Kłobuck TBD)

← Scroll to see the full table →

*Kłobuck — grid connection under final confirmation, COD finalized in Q2 2028. The other six locations have confirmed grid connection conditions.

Interest 6% p.a. per the financial model. Horizon 2027–2038. CAPEX per the model (EPC + storage, turnkey). Full model with P&L and BEP per location in the Data Room package.

Full P&L by phase available in GV BESS Investor Budget — details in annexes.

BESS installation Energy storage BESS project
Edge metrics

EUR 0.59M cable savings.

GV BESS 1 Sp. z o.o. project construction.

EUR 0.59M
CAPEX savings / location
GV targets 50 m from BPZ, not 2 km.

We cut EUR 0.59M (PLN 2.5M) of copper per location before earthworks even start. BPZ proximity reduces cable run length and eliminates connection works that, in distant projects, account for the lion's share of grid-connection CAPEX.

7 lease agreements
GCP applications in process, land secured, deposits with the operator.
Shared energy
40 MW plug-in to a ~3 TWh base and ~8K B2B clients. New capacity, no learning curve.
25% CAPEX from profit
Cascade structure de-risks fresh capital exposure in Phase II.
BEP 2031
Cumulative FCF turns positive in 2031, +EUR 18.4M by 2038. After repayment, 25% cash-flow share in perpetuity.
Statutory market
Poland's National Energy and Climate Plan mandates 4–6 GW of BESS by 2030. Today: 32 MW — a 188× gap.
Answers

Technical and financial FAQ.

Edge-case risk calculation.

GCP risk?
Mikołów, Lubliniec, Tarnowskie Góry, Myszków and Kłodzko I are confirmed. GCP process runs in parallel for the 7 points. Heating-plant land guarantees collision-free connections.
Is EUR 4.74M in 2028 realistic?
Respect Energy's forecast (managing >3 TWh) assumes a 2028 peak (EUR 4.74M at full 40 MW operation) and natural decline to ~EUR 2.54M by 2038. The decline curve is already baked into the P&L. 2028–2038 average: ~EUR 2.97M/year.
Loan instead of bank debt?
Bank project finance takes 18 months and burns ~EUR 47K (PLN 200K) in fees. Here we deploy CAPEX immediately at 6% + 25% of profit from 40 MW in perpetuity.
Capital repayment?
Investor loan EUR 9.60M (70% CAPEX) at 6% p.a. Repayment from portfolio cash flows: cumulative FCF crosses zero in 2031 (BEP), 5 years from build start. An additional early-repayment mechanism — asset refinancing after Phase 2028 COD — is analysed separately in the financial model (Data Room).
"Post-repayment" structure?
Permanent 25% share in SPV net profit in perpetuity after capital repayment. 40 MW portfolio (EUR 13.72M CAPEX). Cumulative FCF 2038: EUR 18.4M. Portfolio break-even: 2031. Full financial model in the Data Room.
Data Room · Documentation

Full documentation to download.

Due-diligence materials — grid connection permits, budgets, technical specs.

Investor budget
P&L by phase, 10-year projection, debt service and dividend calculations.
Excel · GV_BESS_Investor_Budget_v1.xlsx
EPC estimates
Cost spec: equipment, installation, cable routes, site preparation.
Excel · Gamma Venture EPC Szacunki.xlsx
Grid connection permits
GCP documentation for 7 locations — process status, TAURON Dystrybucja decisions.
Available on request
Project documentation
Build designs, BESS technical specs, land lease agreements.
Available on request

Documentation questions? Write to us — we reply within 24h.

April 2026 · Gamma Venture Sp. z o.o.
Next step

10 minutes to close shared energy.

40 MW in the portfolio — Phase 2027 first revenues Q2 2027.

Investment vehicle
GV BESS 1 Sp. z o.o.
Portfolio manager
Gamma Venture Sp. z o.o.
Contact
kontakt@gammaventure.pl
GV BESS 1 Sp. z o.o. / Gamma Venture Sp. z o.o. — Confidential document
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