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Encavis, a German independent power producer, has closed a financing package for a 351MW solar photovoltaic portfolio in Italy, according to PV Tech.
The company secured EUR282 million, equivalent to US$324 million, in non-recourse long-term project financing from a consortium of banks that includes Bank of America, Bayerische Landesbank and DeutscheBank Luxembourg S.A., among others.
The portfolio comprises the five-project, 265MW Giotto solar portfolio that Encavis acquired in December 2025, spread across the central region of Lazio and Puglia in the south of Italy, together with a further four projects with a combined generation capacity of 86MW.
According to Encavis, the financing package carries the flexibility to add battery energy storage assets to the solar projects, supporting the producer’s broader co-location strategy and the wider European shift towards co-located solar and energy storage.
Encavis subsidiary Stern Energy serves as the engineering, procurement and construction contractor for the projects and will assume operations and maintenance duties once they become operational.
Mario Schirru, chief executive of Encavis, described Italy as one of the company’s most attractive growth markets and said the financing would allow it to scale its solar business while retaining the flexibility to integrate storage solutions as market conditions evolve.
Encavis chief of staff Jan-Philip Kock told PV Tech earlier this year that Italy was the most attractive European market for standalone solar PV development, citing its balance of subsidies for renewable energy development, high power prices and an industrial customer base. He said the country had found a mixed balance between genuine subsidies and enforcement schemes that benefit both customers and the solar industry.
By contrast, the broader European solar development landscape is challenging. A lack of available grid capacity and low prices in many mature solar markets, both driven in part by the large expansion of solar PV capacity in 2022 and 2023, have made solar development more complex and competitive. Last week, veteran independent power producer Enerparc announced insolvency, followed shortly afterwards by its PV construction sister firm Pvwerk.
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