Sistema Rinnovabili and ING Bank Provide $32.8 Million for a 30 MW Solar Project in Italy

Sistema Rinnovabili, through its subsidiary Agro Solar and ING Bank, Milan Branch, has finalized project financing for a total amount of €32 million (~$32.8 million) to finance the construction and operation of a solar project with a capacity of 30 MWp in the province of Viterbo, Italy.

The project will supply renewable energy for ten years to an Italian industrial customer in the chemical sector with a long-term supply contract finalized in cooperation with Axpo Italia.

“This is one of the first large-scale projects under construction in Italy to be financed through project financing. This will be followed in the Autumn by other projects for over 50 MW. Another step in the growth strategy of the group, which has a pipeline of over 1GW of projects in advanced development, in addition to the 42 MW already in operation.” commented Antonio Urbano, Chairman of the Board of Directors.

Eos Consulting assisted ING Bank on the technical side, and ValeCap was the financial advisor for Sistema Rinnovabili.

Last Week, The Eurasian Development Bank (EDB), an investment firm, provided $37 million in financing for the construction of 11 solar power projects with a total capacity of 65 MW in the Gegharkunik and Aragatsotn Regions of Armenia. All the projects are scheduled to get commissioned in 2022.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.

ENCAVIS, an independent power producer, recently secured €47.7 million (~48.4 million) from Dutch Rabobank to refinance a 74 MW solar portfolio in the Netherlands.