CCE Holding, an independent power producer, announced the closing of €24 million (~$24.64 million) in project financing with Commerzbank, a Frankfurt-based bank. The loan will be used to construct a 42 MW solar project located in the municipality of Montalto di Castro in the Italian region of Lazio.
The project is expected to be connected to the Italian electricity grid in the summer of 2025. The electricity produced will be provided to BKW, an energy and infrastructure company, under a 10-year long-term power purchase agreement between the companies in December 2024.
Once operational, the Montalto di Castro solar project is expected to produce 65 GWh of clean electricity per year to power over 26,000 households in Italy, as per the company.
“The signing of the project financing with a German bank for the construction of an Italian PV plant underlines the confidence of the banking sector in the excellent work of CCE in Italy,” said Martin Dürnberger and Jörg Menyesch, the two CEOs of CCE Holding.
“In this transaction, we were able to rely on strong and experienced partners at Commerzbank, who have now made this project possible,” added Thomas Steiner-Zelger, Director of Project Finance at CCE.
CCE Holding has a portfolio of around 2 GW in the development pipeline in Italy and a total portfolio of around 6 GW worldwide.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Last month, Enfinity Global, a renewable energy project developer, announced the closing of €165 million (~$173.84 million) in financing to develop a portfolio of three utility-scale solar projects totaling 147 MW in Italy’s Lazio region. The projects will reach commercial operation by 2026.
