Cero Generation has wrapped up project financing for its 48MW Castrum agrivoltaic solar project in Lazio, Italy.
The transaction was structured by Banco Santander Milan Branch, Bayerische Landesbank and Siemens Financial Services, through Siemens Bank GmbH. BFF Bank S.p.A. acted as custodian bank.
Due online in late 2023, Castrum will be among the first large-scale agrivoltaic plants in Italy, with at least 65% of the 87-hectare site to be used for agricultural crops.
The agreement brings Cero’s financed project pipeline in Italy to 133MW, including the under-construction 70MW Pontinia PV venture.
Global law firm Ashurst advised Cero Generation – a portfolio company of Macquarie’s Green Investment Group – on the financing for Castrum.
Revenues from the solar farm will be underpinned by a long-term Power Purchase Agreement (PPA) with Centrica Energy Trading, making it one of the few PPA project financings in the country.