Encavis completes EUR 282 million non-recourse project financing for 351 MW solar PV portfolio in Italy

Corporate News
Encavis completes EUR 282 million non-recourse project financing for 351 MW solar PV portfolio in Italy
Hamburg, 17 September 2026 – Encavis has completed a EUR 282 million long-term project financing for a 351 MW solar portfolio in Italy, strengthening its position in one of Europe’s major growth markets for solar energy.
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.
“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,” says Mario Schirru, CEO of Encavis.
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.
“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,” says Kai Koplin, Head of Project Finance at Encavis.

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

Encavis is a next‑generation independent power producer (IPP) enabling a flexible and resilient energy system by integrating renewable generation, battery storage, and market‑oriented optimisation to deliver affordable clean energy for industrial customers.

The company operates a broadly diversified portfolio of onshore wind farms, ground‑mounted solar parks, and battery storage systems across 13 European countries, including Germany, Italy, and Spain.

In addition, Encavis offers institutional investors attractive opportunities to participate in renewable energy assets. Its subsidiary, Stern Energy, further strengthens the portfolio as a Europe‑wide specialist in technical services for photovoltaic systems.

With more than 5gigawatts of total installed capacity, Encavis makes a meaningful contribution to sustainable energy supply and supports the achievement of Europe’s climate goals.

Further information can be found at www.encavis.com
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Verena Piaskowy
Email: verena.piaskowy@encavis.com
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