Danish independent power producer (IPP) European Energy has reached financial close on €234.1 million (US$270 million) in project financing for a 225MW agrivoltaic project in Vizzini, Sicily, Italy.
The financing, provided by Crédit Agricole CIB, Intesa Sanpaolo’s IMI CIB division, NORD/LB and Société Générale, will fund construction of the Vizzini project, which is expected to enter commercial operation in 2028. Construction is already underway.
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Once operational, the project is expected to generate around 405GWh of electricity annually. The project combines solar generation with agricultural and biodiversity activities, including sheep grazing and reforestation initiatives.
European Energy said the transaction is among the “first financings in Italy for an agrivoltaic project of this size and complexity.”
Vizzini has been awarded a 20-year Contract for Difference (CfD) under Italy’s FER X renewable energy support scheme, providing the project with long-term revenue visibility.
The FER X scheme is designed to accelerate renewable energy deployment in Italy and support the country’s 2030 targets. In June, the European Commission approved the €23 billion (US$26.5 billion) scheme under its Clean Industrial Deal State Aid Framework (CISAF), supporting the deployment of more than 37.15GW of new renewable energy capacity, and which was recently approved by the Minister of Environment and Energy Security.
The scheme covers onshore wind, solar PV, hydropower and sewage gas projects. According to the EC, the supported projects would add capacity equivalent to around 48% of Italy’s current installed renewable energy base.
“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.
Outside of Italy, European Energy recently secured £58.1 million (US$78.45 million) to finance a 68MW solar PV and 47.5MW/95MWh BESS project in Cornwall, UK. The Indian Queens hybrid project, which began construction in May, is expected to enter commercial operation in 2027.
The financing follows several recent project developments for the company, including module installation at its 100MW Winton North solar project in Australia. The company has also divested several European assets, including a 470MW solar-wind-storage project in Lithuania and a 151MW solar PV project in Italy.
