European Energy lands €96.5m in financing for Italy’s largest solar farm

Image: European Energy.

Danish developer European Energy has secured €96.5 million (US$113.59 million) in funding for Italy’s largest solar park.

European Energy also claims the agreement, with French financial service firm Natixis, marks the first Italian PV farm to be financed without having first been supported by state subsidies.

Located in Apulia, near Foggia, the Troia solar farm was connected to the grid in June after one year of construction and is expected to generate some 150 million kWh of electricity each year.

In total, the financing operation is related to solar farms in Apulia with a combined capacity of 121.5MW, divided into three sections: 63MW in operation since November 2019, 40MW in grid parity completed in June 2020 and 18.5MW in grid parity to be finished by October 2020.

Knud Erik Andersen, co-founder and CEO of European Energy, said the company is ready to invest heavily in similar projects in Italy over the next five years. “Italy is one of our main markets, as we can pair the climate conditions and sunny days with cutting-edge solar technology,” he added.

European Energy told PV Tech earlier this year that the modules selected for the Apulia solar farms are Risen Energy’s 370Wp mono-PERC modules, fitted onto a fixed substructure. Those modules enabled the project to use half of the land compared to those featured in originally submitted designs.

Tags: italy, european energy, finance, utility-scale solar