Econergy, an independent renewable energy power producer, secured approximately €58 million (~$68 million) in financing to support a portfolio of solar projects totaling 64.3 MW in Italy.
Eco Holdco 1, wholly owned by EcoGreenDev (Lux) and jointly held by Econergy International and INFRAGREEN, signed the project finance agreement with UniCredit, which acted as global coordinator & bookrunner and structuring mandated lead arranger.
The portfolio comprises 12 solar projects. The transaction is expected to close shortly for eight projects with a combined capacity of approximately 23 MW, followed by an additional four projects totaling around 41 MW once they reach ready-to-build status.
The financing structure comprises multiple facilities that cover construction costs, VAT, guarantees, debt service, and a true-up facility, with staged drawdowns across two clusters of projects (~23 MW in the first cluster and 41 MW in the second).
According to the press release, the company will utilize the facility to fund and/or refund construction and development costs, as well as support VAT, guarantees, debt service, and a true-up facility linked to the execution of a power purchase agreement.
Last year in December, the company also signed a project financing agreement valued at approximately €38 million (~$39.61 million) to repay loans provided by related parties for the acquisition, development, and construction of the 92 MW Parau solar project in Romania, which became operational earlier this year.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In September, Enfinity Global, a renewable energy project developer, raised €316 million (~$368 million) in financing to support the construction of eight utility-scale solar projects with a combined capacity of 276 MW in Italy. The projects, located across the regions of Emilia Romagna, Basilicata, and Lazio, are expected to reach commercial operation by the end of 2026.
