I chair Capflex Energía, a standalone BESS developer with a self-developed pipeline of more than 500MW across Spain, with grid-connection bonds posted at multiple high-voltage nodes. Before that I co-founded an EV charging platform that went through two industrial due diligences — sold to Shell in 2022, acquired from Shell by Acciona Energía in 2025. I have been on both sides of the data room.
Here are the three items the models keep missing.
The pipeline number you are underwriting does not exist
Every Iberia storage memo starts with the same headline: gigawatts of permitted pipeline. The number is technically true and commercially meaningless.
The filter that matters is not the permit. It is the aval — the grid-connection bond a developer must post, in cash or bank guarantee, to hold a position at a node. Posting it is a real balance-sheet decision. Walking away means losing it.
