The non-recourse senior loan facility totals €60m and includes a total of 17.8MW in operation or under construction in Italy.
The loan is set to cover up to 84 per cent of the estimated costs, with a maturity of 18 years following construction.
Etrion Lazio, the first project in the financing portfolio, includes Borgo Piave 3.5MW park and the Rio Martino 1.7MW park.
Marco Northland, CEO of Etrion, said, 'This financing demonstrates the continued availability of long-term, non-recourse loans for solar power projects in Italy. The latest tranche will allow us to pre-pay the €28m bridge loan from the Lundin family when we complete our 13MW under construction in the third quarter. Etrion now has a fully-funded solar portfolio of 60MW.'
The second project in the portfolio, Helios ITA-3, includes two 5MW parks located in Puglia. These are now under construction with ABB and will be complete in the coming months.
The solar parks benefit from the Italian feed-in-tariff regime and the five ground-based solar photovoltaic plants are expected to produce a total of approximately 28 million kWh.