Encavis completes €282 million non-recourse financing for 351 MW Italian solar portfolio

Type: Financing · Technology: Solar · Country: Italy · Capacity: 351 MW · Value: $282M · Announced: 2026-09-17

Encavis completed a €282 million non-recourse project financing for a 351 MW solar portfolio in Italy, replacing acquisition financing for the 265 MW Giotto portfolio purchased in November 2025 and funding four additional solar projects totaling approximately 86 MW. The financing structure includes a €244 million term facility divided into two tranches maturing at the end of 2049, a €10 million debt service reserve facility, and a €28 million letter of credit facility, with the ability to add battery storage assets. Bank of America, Bayerische Landesbank, BNP Paribas' Italian branch, Rabobank, Deutsche Bank Luxembourg, and UniCredit acted as mandated lead arrangers, while Deutsche Bank S.p.A. served as issuing bank and Deutsche Bank Luxembourg as facility and security agent. The transaction supports Encavis' strategy of combining renewable generation, storage, and market-oriented optimization in one of its most attractive growth markets.

Analysis

Encavis AG completed a €282 million non‑recourse project financing for a 351 MW solar portfolio in Italy. Bank of America acted as a mandated lead arranger and provides global corporate and investment banking services. Deutsche Bank served as issuing bank and facility and security agent in Luxembourg, while BNP Paribas’ Italian branch, Bayerische Landesbank, Rabobank, UniCredit and Deutsche Bank Luxembourg were also lead arrangers. The financing comprises a €244 million term facility in two tranches maturing at the end of 2049, a €10 million debt service reserve facility and a €28 million letter of credit facility. The structure replaces acquisition financing for the 265 MW Giotto portfolio purchased in November 2025 and funds four additional projects of about 86 MW.

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