CMS advised Encavis on the Montefiascone solar project in the context of a €282 million non-recourse project financing for a 351 MW photovoltaic portfolio in Italy
Encavis has successfully completed a €282 million long-term project financing in relation to a portfolio of solar power plants in Italy with an aggregate capacity of 351 MW.
The transaction marks the completion of the transition from acquisition financing to long-term financing following Encavis’ acquisition of the Giotto portfolio in November 2025, and also includes the financing of four additional solar projects.
The portfolio has an aggregate capacity of approximately 351 MW, of which 265 MW relates to the Giotto portfolio and approximately 86 MW to the four additional projects. Most of the plants are located in the Lazio region, with additional sites in Apulia, Piedmont and Emilia-Romagna.
Encavis, a leading next-generation independent power producer (IPP) with more than 5 GW of installed capacity, was advised by CMS in connection with the due diligence relating to the Montefiascone solar project, one of the projects included in the portfolio, for the purposes of the financing transaction.
CMS had previously advised Encavis on the acquisition of the Montefiascone solar project.
The financing was provided by a syndicate of banks comprising 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., acting as Mandated Lead Arrangers. Deutsche Bank S.p.A. acted as Issuing Bank, while Deutsche Bank Luxembourg S.A. also acted as Facility Agent and Security Agent. Deutsche Bank AG acted as Hedging Execution Bank. The transaction was structured and arranged in-house by Encavis’ Project Finance team.
The CMS team advising Encavis was led by Pietro Cavasola (Partner) and included Matteo Ciminelli (Partner), Edoardo Marangoni (Senior Associate), Tiziana Masone (Senior Associate) and Giulia Zaccardelli (Associate).
