ENCAVIS, the Hamburg-based solar and wind project developer, acquired five solar projects with a total generation capacity of 265 MW from EDP Renewables Italia Holding (EDPR Italy), a utility-scale solar and wind project developer and a wholly owned subsidiary of EDP Renováveis.
Three of the projects are located in the Lazio region of central Italy near Rome, while the other two are in the Puglia region in southeastern Italy.
The five solar projects have a total capacity of 248 MW and are already producing electricity at full scale. Additionally, the three Lazio projects are being expanded by a total of 17 MW. The commercial commissioning of these additional projects is expected by 1H 2026.
The transaction includes the sale of large land areas. In addition, the projects have been acquired together with various power purchase agreements and subsidies, as well as with options for capacity extension and hybridization.
Stern Energy, the photovoltaic technology specialists from Parma, will take over operations and maintenance for the projects from EDPR after a six-month transition period.
Once operational, the portfolio is estimated to generate an average of 423 GWh of green electricity annually after capacity expansion. Four of the projects have secured power purchase agreements with terms of 10 or 15 years, while the fifth project has a long-term bilateral contract for difference with a 20-year term.
“With the Giotto portfolio, we are increasing our solar capacity in Italy from 155 MW to 420 MW. This makes us one of the leading solar operators in Italy and reinforces our leadership position in Europe. At the same time, this portfolio demonstrates how successful and strategically important our cooperation with Stern Energy is: together, we are setting benchmarks for quality and growth in the solar industry,” says Mario Schirru, CEO of Encavis.
In August 2025, the company also acquired a 199 MW solar and wind project portfolio located approximately 40 km outside Zaragoza, in the Aragon region of Spain, from BayWa r.e., a renewable energy project developer.
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&A report.
