ENCAVIS, a solar and wind project developer, has announced the closure of a non-recourse project financing of €135 million (~$157.10 million) for the acquisition of the 199 MW Aragón portfolio. The portfolio is located in northern Spain near Zaragoza, and consists of three wind projects with a combined capacity of approximately 142 MW and two solar projects totaling 57 MW.
The financing includes a term facility of €117 million (~$136.16 million) with a maturity until 30 June 2044, and a debt service reserve facility of €5 million (~$5.82 million), and an LC facility of €13 million (~$15.13 million).
The funding was provided by a consortium of banks, including Coöperatieve Rabobank U.A., NORD/LB, and Siemens Financial Services through Siemens Bank, and was structured and arranged by ENCAVIS’ internal project financing team.
“The close and trusting cooperation with Rabobank, NORD/LB and Siemens Financial Services, as well as with our advisors, sends a strong signal also for our Aragón project in Spain. Building on a proven approach, we identify and acquire high‑quality projects and implement them together with reliable partners through long‑term, sustainable project financings. This not only underlines the strength of our business model, but also the great confidence our partners place in our company and our risk management,” says Mario Schirru, CEO of Encavis.
Last year, December, the company also announced the acquisition of 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.
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.
