Encavis completes €282 million project financing for 351 MW solar PV portfolio in Italy

The transaction marks the successful transition from acquisition financing to long-term project financing following Encavis’ acquisition of the Giotto portfolio in November 2025 and provides funding for four additional solar projects. The financing structure also provides flexibility to add battery storage assets, supporting Encavis’ broader strategy of combining renewable generation and storage.

The portfolio has a total capacity of around 351 MW, comprising 265 MW from the Giotto portfolio and approximately 86 MW from the four additional projects. Most of the plants are located in the Lazio region, with further sites in Puglia, Piemonte, and Emilia-Romagna. Encavis’ subsidiary, Stern Energy S.p.A., is currently acting as EPC contractor for several of the projects and will provide operations and maintenance services for all nine plants in the portfolio.

Mario Schirru, CEO of Encavis, commented: “Italy is one of our most attractive growth markets. This financing enables us to scale our solar business while retaining flexibility to integrate storage solutions as market conditions evolve. The transaction supports our strategy of combining renewable generation, storage, and market-oriented optimisation.”

The financing was provided by a consortium of banks comprising Bank of America, Bayerische Landesbank, BNP Paribas, Italian Branch, Coöperatieve Rabobank U.A., Deutsche Bank Luxembourg S.A., and UniCredit S.p.A., acting as Mandated Lead Arrangers.

Deutsche Bank S.p.A. served as Issuing Bank, while Deutsche Bank Luxembourg S.A. also acted as Facility Agent and Security Agent. Deutsche Bank AG acted as Hedging Execution Bank. The transaction was structured and arranged by Encavis’ internal Project Finance team.

Kai Koplin, Head of Project Finance at Encavis, noted: “The composition of the banking consortium reflects both the strength of our established financing relationships and our ability to attract new lending partners. This consortium provides a solid foundation for financing the continued growth of our renewable energy portfolio.”

The financing comprises a term facility of €244 million, split into two tranches, both maturing at the end of 2049, a Debt Service Reserve Facility (DSRF) of €10 million and a Letter of Credit Facility of €28 million.

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