EIB, Natixis, and Sunprime Seal €204M Deal for Major Photovoltaic Project in Italy

The financing will facilitate the construction and operation of over 100 photovoltaic systems spread across rooftops and land in Italy.

The European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB), and Sunprime Group have announced a significant project finance agreement valued at €204 million. This funding will support one of Italy's largest photovoltaic portfolios, marking a major step in the country's renewable energy expansion.

Scope of the Investment:

The financing will facilitate the construction and operation of over 100 photovoltaic systems spread across rooftops and land in Italy. The project aims to achieve a total installed capacity of up to 220 MW. By maximizing the use of space and promoting decentralized energy production, the initiative aligns with sustainable development goals.

Expected Outcomes:

By 2026, the photovoltaic plants are anticipated to generate approximately 275 GWh of renewable electricity annually, which will cover the needs of over 105,000 Italian households. The portfolio is projected to reduce CO2 emissions by around 2.35 million tonnes over its lifecycle.

Strategic Importance:

This investment supports Italy's renewable energy targets and contributes to the EU's RePowerEU goals. The EIB has committed €45 billion in additional investments by 2027 to support such climate-focused initiatives.

Statements from Stakeholders:

EIB Vice-President Gelsomina Vigliotti emphasized Italy's vast solar energy potential and the role of this funding in enhancing energy independence and sustainability. She highlighted the EIB's commitment to fostering a more sustainable future.

Sunprime CEO Antonio Mazzitelli noted that the project will help the company achieve its goal of connecting 500 MWp across 400 projects throughout Italy. The focus is on installing photovoltaic systems in environmentally sustainable locations, including rooftops and industrial lands.

Stefano Mazza, Infra&Energy Finance Executive Director at Natixis CIB, expressed pride in leading the greenfield initiative and affirmed Natixis's dedication to sustainable development and ecological transition.

Financial and Legal Advisory:

The project is supported by a range of advisors: Legance - Avvocati Associati provides legal support to the lenders, while Ashurst Studio Legale and Ashurst LLP support Sunprime. Praxi is the technical advisor, Marsh handles insurance, KPMG is responsible for tax and model auditing, and ValeCap serves as Sunprime's financial advisor.

Incentives and Revenue:

Most photovoltaic systems will benefit from the Renewable Decree (FER Decree 1) incentive rates due to their installation on industrial land or roofs following asbestos removal. These installations will secure contractual revenues for 20 years. For systems on agricultural land, Sunprime will either enter long-term electricity purchase agreements or sell the energy on the market.

The €204 million investment represents a major advancement in Italy's renewable energy sector, showcasing a commitment to sustainable development and energy independence. This initiative by the EIB, Natixis, and Sunprime will contribute significantly to Italy's renewable energy capacity and support broader EU climate goals.