Watson Farley & Williams (“WFW”) advised Encavis on the €282m long-term project financing of a 351 MW solar portfolio in Italy.
The portfolio comprises five operational solar plants totalling 265 MW from the “Giotto” portfolio and approximately 86 MW from four additional projects that are either operational or under construction. Most of the plants are in the Lazio region, with further sites in Puglia, Piemonte and Emilia-Romagna.
The transaction follows Encavis’ acquisition in November 2025 of Italy’s largest solar portfolio and one of the most significant in Europe in terms of installed capacity, on which WFW also advised, and further strengthens its position in one of Europe’s major growth markets for solar energy. The financing structure also provides flexibility to add battery storage assets, supporting Encavis’ broader strategy of combining renewable generation and storage.
Encavis is a next-generation independent power producer (IPP) with more than 5 GW of installed capacity. It operates a diversified portfolio of onshore wind farms, ground-mounted solar parks and battery storage systems across 13 European countries, including Germany, Italy, Spain, Denmark and the Netherlands.
The cross-border WFW Energy team that advised Encavis was led by Hamburg Project and Structured Finance Partner Sven Fretthold and Milan Finance Partner Matteo Trabacchin. They were supported by Senior Associate Finja Schmale, Associates Francesca Angelilli and Tommaso Nicola Lacalaprice and Trainee Maddalena Convertini on all finance related aspects of the transaction. Partner Luca Sfrecola, Associates Sonia Basso and Alice Zago advised on the corporate aspects of the transaction. Partner Tiziana Manenti, Senior Associates Anthony Bellacci and Antimo Rocco Nersita, and Associates Marco Iannotti and Manuela De Stefano, providing regulatory and administrative law, as well as due diligence expertise. Counsel Alfredo Guacci Esposito and Associate Marina Carabelli advised on tax structuring, including direct and indirect tax matters related to the financing.
