Kraftfeld prepares for a 2026 market where value no longer comes from generation alone, but from the ability to shape when and how energy reaches the system. The company’s recent sale of an 87.5 MW ready-to-build project to ENNA Solar reflects a disciplined approach to capital rotation, while its decision to upgrade every new PV project with storage signals a deeper strategic turn. As Romania moves toward a more complex, price-volatile landscape, Kraftfeld is positioning itself for diversified revenue streams rather than pure exposure to the merchant curve. In this conversation, Ben Salm-Reifferscheidt, founding partner of Kraftfeld, in charge of project origination and technology, discusses how BESS integration reshapes the risk-return profile, why hybrid assets are becoming central to long-term value, and how regulation, bankability, and insurance are converging to redefine project economics.
Kraftfeld has developed hundreds of MW of solar assets in Romania and recently sold an ~87.5 MW ready-to-build project. What motivates a strategy of development + sale rather than purely ownership in Romania, and how do you evaluate the current market for project exits?
Kraftfeld pursues a strategy of develop, construct and operate for most of its assets. However, we may opportunistically choose to sell some of our RTB projects under the right conditions. By monetizing ready-to-build projects like the ENNA transaction, we recycle capital faster and can pursue a larger pipeline. In the upcoming months, however, we plan to start construction on at least 2 PV + BESS installations which we intend to keep for the medium to long-term.
Regarding current market conditions for exits: Romania remains attractive for project acquisitions, though the market has matured considerably. We’re seeing a strong appetite from international utilities and infrastructure funds seeking exposure to CEE renewables. While exit multiples have declined compared to the 2021-2022 peak, healthy valuations are still possible for quality projects, especially when BESS is co-located with the PV.
You have experience in both solar generation and energy storage systems across your markets. In the Romanian context, how ready is the market (regulators, grid operators, off-takers) for battery-integrated large solar farms, and how is that influencing your project pipeline?
The Romanian market for battery-integrated solar farms is at an inflection point — technically feasible but operationally immature. ANRE has made progress with capacity market mechanisms and new grid code provisions, and Transelectrica and distribution operators are actively working to refine their connection study methodologies for hybrid systems as they gain experience with BESS charge/discharge dynamics. The biggest constraint is offtakers: they understand solar PPAs but are still developing familiarity with BESS value stacking across energy arbitrage, capacity, and ancillary services, while utilities are primarily focused on developing their own storage.
Kraftfeld has turned to BESS to hedge its portfolio against price cannibalization. From 2023 onwards we have started upgrading all of our PV development with co-located storage while developing some stand-alone battery assets as well.
Considering your track record of asset operations and trading (e.g., via in-house trading team selling power via PPAs and spot market), how do you anticipate revenue models evolving in Romania — especially with hybrid projects or merchant risk — and how is Kraftfeld adjusting its strategy accordingly?
All our projects are currently being financed on a merchant basis as bankable PPAs are hard to obtain in the current market. As the market matures, we expect this to change, albeit gradually.
The addition of BESS to our PV projects as well as the development of standalone BESS fundamentally changes our risk-return profile. Instead of pure generation with price risk, we’re moving toward revenue optimization across multiple streams including energy arbitrage, capacity market participation, ancillary services and potentially PPA optimization (using BESS to firm up solar production and potentially command premium pricing).
How aware are local developers and EPCs of the specific technical and operational risks associated with BESS projects during the early design and construction stages?
While BESS is a game changer there are potential traps and pitfalls. For example, insufficient attention to degradation modeling carries considerable risk — many models assume linear degradation when reality is far more complex and use-case dependent. Or a warranty requirement for excessive resting time between cycles may inadvertently impact revenue. Then there are insurance-related design issues, such as safety distances between BESS containers which need to be considered as early as possible. Kraftfeld has responded to this challenge by increasing its in-house expertise and entering into a close relationship with several major BESS suppliers.
How do project stakeholders currently address insurance as a prerequisite for bankability, and what are the main gaps in understanding between developers, financiers, and insurers?
Most developers treat BESS insurance as an extension of solar coverage, which fundamentally misunderstands the risk profile and leads to premium shocks or inadequate coverage. The main gap is that developers engage insurance advisors too late in project development — smart developers now involve them during early design phases and structure projects with insurability in mind, such as selecting battery suppliers with proven safety records.
As co-located PV+BESS projects are rather new on the market, there is little experience to date on assessing and modeling this new risk profile.
What are the key on-site and integration risks developers should anticipate when deploying BESS alongside generation assets?
The critical risks include geotechnical and design challenges — BESS containers are extremely heavy and sites developed for PV often have inadequate foundations and fire protection distances have to be kept — and control system complexity, where DC-coupled systems require sophisticated energy management to prevent voltage fluctuations and coordination failures between PV monitoring, BESS management, and grid dispatch. The biggest operational challenge is diagnostic complexity when hybrid projects underperform, since determining whether issues stem from PV equipment failure, battery degradation, dispatch algorithms, or grid problems is difficult and delays corrective action.
