Posted on Sep 18, 2026
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Encavis has secured €282 million in long-term financing for a 351 MW photovoltaic portfolio in Italy. The portfolio comprises five operational photovoltaic plants, with a combined installed capacity of approximately 265 MW, belonging to the Giotto portfolio, as well as approximately 86 MW from four other photovoltaic projects, either already operational or under construction. Most of the plants are located in Lazio, with additional sites in Puglia, Piedmont and Emilia-Romagna.
The credit facilities were provided by a pool of banks comprising Bank of America, BayernLB, BNP Paribas, Deutsche Bank, Rabobank and UniCredit. The transaction follows Encavis’s acquisition, completed in November 2025, of the largest photovoltaic portfolio in Italy and one of the most significant in Europe by installed capacity, and further strengthens the group’s presence in one of Europe’s fastest-growing solar energy markets. The financing structure also offers the flexibility to integrate battery storage systems, supporting Encavis’s strategy of pairing storage with renewable energy production.
Encavis was assisted by Watson Farley & Williams (WFW), with a cross-border team from the Milan and Hamburg offices, led by Partners Matteo Trabacchin and Sven Fretthold, supported by Senior Associate Finja Schmale, Associates Francesca Angelilli and Tommaso Nicola Lacalaprice, and Trainee Maddalena Convertini, covering all finance aspects of the transaction, including the structuring and execution of the refinancing, bridge financing and negotiation of the financial documentation. Corporate, corporate governance and M&A reorganisation aspects functional to the refinancing were handled by Partner Luca Sfrecola, supported by Associates Sonia Basso and Alice Zago. Partner Tiziana Manenti, supported by Senior Associates Anthony Bellacci and Antimo Rocco Nersita and Associates Marco Iannotti and Manuela De Stefano, handled regulatory and administrative law matters and the legal due diligence process. Counsel Alfredo Guacci Esposito and Associate Marina Carabelli handled the tax structuring of the transaction, with particular focus on direct and indirect tax aspects relating to the refinancing.
The pool of financial institutions was assisted by Hogan Lovells Cadwalader, with a cross-border multidisciplinary team led by Partners Mauro Saccani (Milan) and Carla Luh (Hamburg), together with Associates Giulia Geraci and Laura Leonelli, and Trainee Margherita Battaglia for finance matters, while Counsel Alberto Carrara and Associate Stefania Rampoldi handled real estate matters, and Partner Serena Pietrosanti and Counsel Maria Cristina Conte handled tax matters, all from the Milan office, together with Antonia Wolf and Ed Wallis from the Hamburg office.
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