A pool of leading banks, led by UniCredit, provides a mini-perm green loan project financing facility of over €46 million to a project company controlled by Futura Group for the construction of Italy’s first advanced agrivoltaic plant integrated with a BESS
Italy’s first advanced agrivoltaic plant integrated with an energy storage system to be financed on a project finance basis
Once operational by 2026, the plant will generate approximately 85 GWh of clean energy per year, in line with the objectives of the European Green Deal
Milan, 17 October 2025 – UniCredit, Banca Monte dei Paschi di Siena, BPER, Banco di Sardegna and Banca Ifigest have entered into a mini-perm green loan project financing facility of over €46 million in favour of a project company wholly owned by Futura Group, which is developing an innovative advanced agrivoltaic plant integrated with an energy storage system.
The financing, certified as green in accordance with the “Green Loan Principles”, will support the construction and commissioning costs of an advanced agrivoltaic plant with a total capacity of approximately 45 MWp, combined with an energy storage system providing approximately 48 MWh of storage capacity.
The project, comprising an advanced agrivoltaic plant integrated with an energy storage system, is considered strategic to the energy transition and to the stability of both the Italian and regional electricity systems. It has been designed to integrate livestock farming activities within the agrivoltaic facility, delivering economic and environmental benefits to both agricultural operations and renewable energy generation while maximising the synergies between them.
The advanced agrivoltaic plant, combined with the BESS, is expected to generate approximately 85 GWh of solar energy per year, enough to meet the annual electricity requirements of around 30,000 Italian households. Once operational, the project will avoid more than 18,000 tonnes of CO2-equivalent greenhouse gas emissions each year, corresponding to a reduction of more than 450,000 tonnes of CO2 equivalent over the plant’s operating life.
The innovative structured finance transaction, completed on a project finance basis in the renewable energy sector, was originated, structured and coordinated by UniCredit acting as Global Coordinator & Bookrunner, Structuring Mandated Lead Arranger, Original Lender, Sustainability Coordinator and Hedging Bank. The financing was also provided by Banca Monte dei Paschi di Siena, BPER and Banco di Sardegna, acting as Mandated Lead Arrangers, Original Lenders and Hedging Banks, and by Banca Ifigest, acting as Mandated Lead Arranger, Original Lender and Account Bank. BPER also acted as Account Bank & Agent and Sustainability Coordinator. The plant, which is currently at an advanced stage of construction and is expected to become operational by the first half of 2026, will benefit from a contract for difference with the GSE.
Simone Micheletti, Director and co-founder of Futura Group together with Bruno Fisi, stated: “This project, successfully completed thanks to the expertise and experience of Futura Group and, in particular, of Chief Financial Officer Francis Ravano, represents a milestone for the industry. It is the first large-scale co-located hybrid solar plant to become operational in Italy and the first of its kind to be financed on a project finance basis. This confirms the innovative and forward-looking approach that defines Futura Group’s corporate culture and the people who work within the Group every day. Futura continues to grow and develop ambitious, sustainable initiatives that are closely integrated with the economic and social fabric of the local area. The project contributes to a safer and more sustainable energy future, while also strengthening the stability of the national electricity grid. It also supports the productive use of marginal and low-yield agricultural land and provides a significant additional source of income for the agricultural businesses involved.”
Francis Ravano, Chief Financial Officer, also stated: “We are extremely pleased to have successfully completed this further major financing transaction in support of our greenfield pipeline of solar, agrivoltaic and energy storage projects. I would like to thank the entire Futura team, without whom these results would never have been possible.”
Paola Garibotti, UniCredit’s Regional Manager for North-West Italy, stated: “Through Italy’s first project financing transaction supporting the development of an advanced agrivoltaic plant integrated with an energy storage system, UniCredit confirms its tangible commitment to the transition towards a green and sustainable economy. Through innovative green finance solutions, we actively support customers seeking to transform their business models and contribute to a more responsible future. This transaction in favour of Futura Group demonstrates our commitment to providing the communities in which we operate with the tools they need to succeed, offering innovative financial solutions capable of generating a positive impact on the country’s energy independence, in line with the objectives of European and national programmes.”
TEAM AND ADVISERS
The financing institutions were advised by Herbert Smith Freehills Kramer as legal counsel. Kiwa Moroni and Marsh acted as technical and environmental adviser and insurance adviser, respectively. Deloitte acted as model auditor.
Futura was advised by DLA Piper on both the financing documents through its Finance team and the permitting aspects through its Litigation & Regulatory – Energy team.