Global law firm Hogan Lovells Cadwalader has advised an international consortium of banks on the EUR 282 million long-term non-recourse project financing of a 351 MW solar photovoltaic portfolio owned by Encavis in Italy.
The financing was provided by a consortium of banks led by Deutsche Bank Luxembourg S.A. as Agent and Security Agent and including Bank of America Europe DAC, Bayerische Landesbank, BNP Paribas, Italian Branch, Coöperatieve Rabobank U.A., Deutsche Bank Luxembourg S.A., and UniCredit S.p.A. as mandated lead arrangers, with Deutsche Bank S.p.A. acting as Issuing Bank and Deutsche Bank AG as Hedging Execution Bank.
The transaction marks the successful transition from acquisition financing to long-term project financing following Encavis’ acquisition of the Giotto portfolio in November 2025 and provides funding for four additional solar projects. The financing structure also provides flexibility to add battery storage assets, supporting Encavis’ broader strategy of combining renewable generation and storage.
The portfolio comprises nine solar projects with a total capacity of approximately 351 MW, including 265 MW attributable to the Giotto portfolio and approximately 86 MW from the four additional projects. Most of the plants are located in the Lazio region, with further sites in Puglia, Piemonte and Emilia-Romagna.
The transaction brought together Hogan Lovells Cadwalader’s expertise across multiple jurisdictions and practices, advising the banks consortium on all aspects of the financing.
“The financing of a photovoltaic portfolio of this scale is a strong example of the increasingly sophisticated financing structures supporting renewable energies and required seamless coordination across multiple jurisdictions. We were delighted to bring our cross-border expertise together to support the financing parties throughout the transaction”, says Dr. Carla Luh, head of the German finance practice at Hogan Lovells Cadwalader.
Hogan Lovells Cadwalader advised the banks on all aspects of the financing, drawing on its cross-border expertise and the capabilities of its teams across Germany, Italy and the UK. The team was led by partner Dr. Carla Luh and included counsel Dr. Antonia Wolf and Sebastian Oebels, associate Fotios Erifopoulos and projects associate Alexander Peters, advising on all financial aspects of the transaction, together with partner Mauro Saccani and associates Giulia Geraci and Laura Leonelli in Italy. Tax advice was provided by partner Serena Pietrosanti and counsel Maria Cristina Conte, with real estate support from associate Stefania Rampoldi. The UK team comprised partner Andrew Gallagher, senior associate Ed Wallis and associate Jack Greene for infrastructure, energy resources and projects / finance aspects.
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