EF Solare Italia: € 2.2 billion facility agreement to support the Group’s industrial plan
Milan, 7 August 2025 – EF Solare Italia, a leading photovoltaic operator in Italy and Europe, has executed a new non-recourse green loan Project Finance facility agreement, for a total amount of € 2.2 billion, of which € 1.7 billion is committed.
This transaction is among the most significant in terms of size and complexity within both the national and international energy markets. Aligned with the Green Loan Principles, the financing optimises the financial structure by refinancing € 1.3 billion of existing debt, providing new financial resources to support industrial plan strategy in the coming years. These funds will be allocated to completing the revamping and repowering of existing plants, and to advancing the development of the Group’s greenfield pipeline.
“The closing of a Project Finance facility — to date, the largest in the industry in Italy in 2025 — confirms the strong confidence the Italian and international banking systems place in our business model. The transaction creates a solid financial base, starting from the refinancing of pre-existing project debt, and enriched with flexible and industrially oriented Committed and Accordion facilities designed to support the Group’s investment strategy in the coming years,” stated Sabino Lorusso, CFO of EF Solare Italia.
The agreement also acts as a catalyst for further optimisation of the Group’s financial structure, providing greater flexibility for potential extraordinary transactions, and for both organic and inorganic growth.
“This transaction represents a strategic step, enabling us to reinforce the Group’s financial structure and support our long-term industrial vision, centred on upgrading and enhancing existing assets while developing new renewable ones. I want to thank all our team members who contributed to achieving this significant milestone” added Andrea Ghiselli, CEO of EF Solare Italia.
The facility agreement was executed with a pool of leading Italian and European financial institutions, including: Banco BPM S.p.A., BNP Paribas – Italian Branch, Crédit Agricole CIB – Milan Branch, ING Bank N.V. – Milan Branch, Intesa Sanpaolo S.p.A. – IMI CIB Division, and UniCredit S.p.A., acting as Global Coordinators, Green Loan Coordinators, Bookrunners, Mandated Lead Arrangers and Original Lenders; Bayerische Landesbank and BPER Banca S.p.A. acting as Bookrunners, Mandated Lead Arrangers and Original Lenders; Banca Monte dei Paschi di Siena S.p.A., Banco Bilbao Vizcaya Argentaria S.A. – Milan Branch, Cassa Depositi e Prestiti S.p.A., Société Générale Milan Branch and Société Générale Luxembourg acting as Mandated Lead Arrangers and Original Lenders. Additionally, UniCredit S.p.A. will serve as Facility Agent, Security Agent and Depositary Bank, while ING Bank N.V. will act as Hedging Coordinator.
EF Solare was advised on legal matters by Legance Avvocati Associati, coordinated by EF Solare’s General Counsel, Amalia Muollo, and on financial aspects by Arcus Financial Advisors. The lenders were assisted by the Chiomenti law firm as legal advisor, EOS Consulting as technical advisor, AON Italia as insurance advisor, and KPMG Advisory S.p.A. as financial model auditor.