BayWa’s renewables arm and commercial bank (Norddeutsche Landesbank) Nord/LB have completed the €56m financing of a solar farm in Italy.
The 53MW project in Tarquinia, in Lazio, is the first of BayWa r.e.’s solar projects in Italy to be built using structured financing.
Nord/LB was chosen by BayWa r.e. following a careful selection process involving Italian and other European financial institutions.
BayWa r.e. will act as general contractor and developer of the Tarquinia solar plant and be responsible for every phase of the project, from planning to construction to operation and maintenance.
Construction of the Tarquinia plant is expected to get underway in the coming months.
Once finalised, the plant will have an installed capacity of approximately 53MW.
Alessandra Toschi, Managing Director of BayWa r.e. Progetti, said: “We are particularly pleased to have finalised this most recent agreement with Nord/LB for the financing of a major renewable energy project in Italy.
“Nord/LB is a bank with whom we have enjoyed a relationship based on collaboration and mutual respect over the years, and one that has helped finance seven of our Italian projects, including several onshore wind farms and a multitude of assets in other European regions.
“Italy has always stood out at a European level for the development of energy from renewable sources and has enormous potential to attract interest from a growing number of investors.
“BayWa r.e. is working hard to make its own contribution in terms of emissions reduction and decarbonisation, and this latest agreement will play a pivotal role in that.”