Unlocking investment for flexible assets with Roberto Castiglioni and Helena Anderson (Ikigai Capital)

Oct 30, 2025

Roberto Castiglioni and Helena Anderson, co-founders of Ikigai Group, dive into the complexities of financing flexible and hybrid energy projects. They discuss the shortcomings of traditional finance models that overlook the value of flexibility in energy systems. The duo highlights the potential of Italy's MaxxA auction as a solution for securing grid services, while exploring innovative non-lithium storage options. Their insights reveal the importance of collaboration among developers, investors, and regulators to unlock funding for crucial energy infrastructure.

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INSIGHT

MaxxA Reframes Battery Value

Italy's MaxxA auction offers 15-year contracts that pay batteries for system stability rather than energy trading upside.
This structure splits risk: low-risk institutional capital anchors returns while merchant players chase trading upside.

ADVICE

Blend Development Skills With Capital Discipline

Do combine developer pragmatism with capital discipline by investing early in feasibility and DEVEX to make projects investable.
Use funded development when needed to crowd in institutional capital for complex assets.

ADVICE

Prepare Projects Before Seeking Institutional Capital

Do prepare projects beyond RTB status before seeking institutional capital because many RTB assets lack planning, fire, drainage, or permitting readiness.
Fix development issues early to make projects bankable for institutional investors.

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Flexible and hybrid energy projects are essential for a resilient, decarbonised grid but they’re still the hardest to finance. Investors know flexibility has value, yet traditional project finance models can’t capture it, leaving critical projects stuck before they start.

In this episode of Transmission, Roberto Castiglioni and Helena Anderson from Ikigai Capital explain why today’s financing structures are failing to meet the needs of the modern grid. We explore why flexibility projects are so difficult to bank, what investors are missing when it comes to valuing hybrid assets, and how smarter financial modelling could unlock the next wave of storage, co-location, and system optimisation.

Key topics covered:

- Why flexibility and hybrid projects remain underfunded despite strong system need

- The revenue and risk barriers stopping co-located assets from reaching financial close

- How project finance must evolve to reflect system value, not just generation

- The role of regulation and market signals in de-risking investment

- What collaboration between developers, investors, and system operators could look like

About our guests:

Roberto Castiglioni and Helena Anderson are co-founders of Ikigai Group, an investment and advisory firm bridging the gap between capital and the energy transition. They specialise in developing and financing complex projects that combine renewables, storage, and flexibility solutions to create smarter, more resilient energy systems.

For more information, head to the Ikigai website. https://www.ikigai-capital.co.uk/

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.