METLEN Closes $19M Financing for Bicinicco Solar Project

METLEN Energy & Metals' successful closure of €16.6 million (approximately $19 million) in project financing for the 20.75 MW Bicinicco solar project in Italy represents a significant step forward for the company's renewable energy portfolio. The project, slated for completion in 2026, is expected to generate 30 GWh of clean electricity annually, contributing to Italy's renewable energy targets. The financing, provided by Piraeus Bank, underscores the continued investor confidence in solar energy projects within the European market. The involvement of legal advisors BonelliErede and Dentons, alongside technical advisor Vector Renewables and advisors Marsh, KPMG, and MBS Consulting, highlights the complexity and multi-faceted nature of such project finance deals. This transaction is notable given METLEN's origin as a Russian company, demonstrating their continued investment in European renewable energy despite geopolitical complexities. The project's size, while not massive, is a meaningful contribution to Italy's solar capacity. The involvement of Piraeus Bank, a regional lender, suggests a growing appetite for financing renewable energy projects beyond the major international banks. The successful financial close indicates the project's viability and attractiveness to investors, further solidifying the role of solar energy in Italy's energy mix.