From: Mercom India
European Energy, a renewable energy project developer, has reached financial closure of €234.1 million (~$270 million) for a 225 MW agrivoltaic project in Vizzini, Sicily, Italy.
European Energy arranged the financing on behalf of Sun Project, the project’s developer and borrower. European Energy is a Denmark-based renewable energy company.
Crédit Agricole CIB, Intesa Sanpaolo through its IMI CIB Division, NORD/LB, and Societe Generale provided the financing. The funds will support the project’s construction, and commercial operations are expected to begin in 2028.
The Vizzini project will combine utility-scale solar power generation with continued agricultural activities. European Energy said the project will incorporate sheep grazing, reforestation initiatives, and biodiversity measures across the site.
The project has secured a 20-year Contract for Difference under Italy’s FerX government support program. European Energy said the contract provides long-term revenue visibility for the project.
Once operational, the project is expected to generate approximately 405 GWh of electricity annually, according to European Energy.
“Vizzini demonstrates that agrivoltaics can move beyond development into large-scale construction and financing. The combination of contracted revenues, secured grid connection, and a robust technical and agricultural design has enabled us to establish a bankable structure for a particularly complex renewable energy project. That is important not only for Vizzini, but also for the development of the agrivoltaic market in Italy,” said Filippo Ricci, Country Manager of Italy, European Energy.
ValeCap acted as the borrower’s exclusive financial adviser. Green Horse Legal Advisory and EOS served as legal and technical advisers, respectively. Legance acted as the lenders’ legal adviser, while Fichtner Italia served as their technical adviser.
This week, European Energy secured £58.1 million (~$78.5 million) in construction financing for its Indian Queens hybrid renewable energy project in Cornwall, U.K. The project comprises a 68 MW solar park and a 47.5 MW/95 MWh battery storage system.
Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A report.
