European Energy has reached financial close on €234.1 million in project financing for the 225 MW Vizzini agrivoltaic project in Sicily, Italy. The financing will support construction of the project, which is already underway and is expected to enter commercial operation in 2028.

European Energy, acting as sponsor, has secured the financing on behalf of Sun Project s.r.l., the borrower and developer of the Vizzini project, located in Vizzini, Sicily. The financing was provided by Crédit Agricole CIB, Intesa Sanpaolo’s IMI CIB Division, NORD/LB and Société Générale.

The transaction is among the first financings in Italy for an agrivoltaic project of this scale and complexity. According to European Energy, it demonstrates the bankability of advanced agrivoltaic developments that combine utility-scale renewable electricity generation with continued agricultural activities and biodiversity measures.

Vizzini will benefit from a 20-year Contract for Difference (CfD) awarded under Italy’s FerX government support scheme, providing long-term revenue visibility for the project.

Construction already underway

Construction of the Vizzini project is already underway. Once completed, the facility will be among the largest agrivoltaic projects in Italy and is expected to generate approximately 405 GWh of electricity annually.

That output is equivalent to the electricity consumption of more than 135,000 households, according to European Energy.

Unlike a conventional utility-scale solar installation, Vizzini has been designed to maintain agricultural activity alongside electricity generation. The project incorporates sheep grazing, reforestation initiatives and biodiversity measures across the site.

These elements require the agricultural and energy components to be integrated into the project's overall design and operation.

Four banks provide project financing

The €234.1 million financing was provided by four European lenders: Crédit Agricole CIB, Intesa Sanpaolo (IMI CIB Division), NORD/LB and Société Générale.

European Energy said that securing long-term project financing from the four banks demonstrates continued lender confidence in advanced agrivoltaic projects in the Italian market. The company also pointed to the project's contracted revenues, secured grid connection and technical and agricultural design as factors supporting its bankable structure.

“Securing financing for projects of this scale reflects the quality of our development work and our ability to deliver investment-ready renewable energy assets,” said Jens-Peter Zink, Deputy CEO at European Energy. He added that interest from international and Italian lenders demonstrates continued confidence in renewable energy projects supported by stable regulatory frameworks.

For Filippo Ricci, Country Manager of Italy at European Energy, Vizzini shows that agrivoltaics can progress from development to large-scale construction and financing. He said the project's structure is significant not only for Vizzini but also for the development of the agrivoltaic market in Italy.

Advisors involved in the transaction

The transaction was supported by several financial, legal and technical advisors.

For Sun Project s.r.l., ValeCap acted as exclusive Financial Advisor, while Green Horse Legal Advisory and EOS served as Legal and Technical Advisors, respectively.

On behalf of the lenders, Legance acted as Legal Advisor and Fichtner Italia as Technical Advisor.

With construction already underway and commercial operation targeted for 2028, Vizzini is set to add a large-scale agrivoltaic asset to European Energy’s renewable energy portfolio in Italy while maintaining agricultural uses and biodiversity measures across the project site.