As Italy accelerates efforts to reinforce energy security and meet its climate targets, a pair of mid-scale solar projects in the country’s south has reached a decisive financial milestone. Zelestra has secured approximately €13 million in senior debt green financing from BPER to support the construction of two solar plants in Puglia and Sicily, marking the company’s first project financing in the Italian market.
The financing package covers the 6.5 MWdc Ginosa solar plant in Puglia and the 9.5 MWdc Bellomo plant in Sicily. Together, the projects are expected to displace an estimated 8,500 tonnes of CO₂ emissions annually and generate enough clean electricity to power the equivalent of 10,000 Italian households, according to company estimates.
Financing Signals Institutional Confidence
The transaction, in which BPER also acted as hedging and agent bank, represents a significant validation of Zelestra’s development platform in Italy. For international renewable energy developers, securing domestic bank financing remains a critical hurdle, particularly in a market shaped by evolving permitting frameworks, grid constraints, and merchant risk considerations.
By reaching financial close on its first two Italian solar assets, Zelestra signals that its technical standards, risk management approach, and long-term value creation strategy are resonating with local institutional lenders. For policymakers and market observers, the deal highlights the role of national banks in translating Italy’s energy transition ambitions into bankable infrastructure on the ground.
Long-Term PPAs Underpin Revenue Stability
Both the Ginosa and Bellomo projects benefit from long-term power purchase agreements with BKW, a leading Swiss energy and infrastructure group. The PPAs provide predictable revenue streams, reinforcing the investment-grade profile of the assets and reducing exposure to wholesale power price volatility.
In the current European context—where merchant risk, curtailment concerns, and grid congestion are increasingly shaping project economics—long-term offtake agreements remain a cornerstone of bankability. The BKW PPAs were central to underpinning lender confidence and enabling competitive green financing terms.
Italy as a Strategic Growth Market
For Zelestra, Italy has emerged as one of its fastest-growing markets in Europe. The company currently holds a development portfolio exceeding 1.4 GW of combined solar and battery energy storage system (BESS) projects across the country, spanning both utility-scale generation and flexible capacity.
The Ginosa and Bellomo plants form part of a broader pipeline that Zelestra plans to expand aggressively. The company has stated its intention to double its Italian pipeline by 2026, bringing additional solar and BESS projects into construction as grid reinforcement and market mechanisms continue to evolve.
Eliano Russo, CEO of Zelestra Italia, described the financing as a pivotal step for the company’s Italian operations. “Signing our first financing agreement in Italy with a reputable institutional partner such as BPER represents a key milestone and a strong endorsement of Zelestra’s bankability and disciplined approach to project development and execution,” he said.
Russo added that the company remains focused on scaling delivery capacity and advancing new projects into construction.
Auctions and Storage Strengthen the Platform
The financing follows a series of strategic wins for Zelestra in Italy. The company recently secured contracts for nine projects under Italy’s FER X renewable energy auctions, enabling the construction of up to 168 MW of new solar capacity. These auction awards provide additional long-term revenue certainty and align with Italy’s push to expand domestic renewable generation under EU climate and energy frameworks.
Beyond solar, Zelestra is also expanding rapidly in energy storage. The company recently announced an initial offtake agreement for a large-scale 2 GWh BESS project in northern Italy, one of the largest battery storage developments currently planned in Europe. As Italy grapples with intermittency management and peak demand challenges, grid-scale storage is increasingly viewed as essential infrastructure rather than a complementary asset.
Policy-Relevant Takeaways
For government officials and energy policymakers, the Ginosa and Bellomo financing illustrates how targeted policy instruments, stable offtake frameworks, and domestic banking participation can jointly accelerate clean energy deployment. The deal underscores Italy’s growing attractiveness to international developers while highlighting the importance of aligning auctions, PPAs, and grid investment to sustain momentum.
As Italy seeks to balance decarbonization, affordability, and energy security, transactions such as this offer a practical case study in how mid-scale renewable projects can move efficiently from development to construction—supported by institutional capital and long-term market confidence.
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