Spanish renewables investor Qualitas Energy has received around €172m ($196.7m) in non-recourse financing to fund a 156MW-peak (MWp) greenfield solar photovoltaic (PV) portfolio in Italy.

The transaction was led by CaixaBank, La Banque Postale and DekaBank.

The financing structure includes a term loan, ancillary facilities and an interest rate swap, following a fully amortising repayment profile.

The solar portfolio comprises 15 assets located across Italy and is backed by a mix of long-term contracted revenue streams.

These are made up of FER X, Italy’s incentive mechanism for renewable energy sources; the FER X NZIA scheme aligned with the EU Net-Zero Industry Act; power purchase agreements; and other support mechanisms.

Qualitas Energy Italy & Business Development partner Manuel Espinosa said: “This financing represents an important step in the consolidation of our Italian platform, a strategic growth market for Qualitas Energy.

“The transaction reflects the strength of our integrated investment and development model and our ability to structure robust financing solutions for our own renewable energy portfolios, supported by diversified revenues and leading institutional banking partners.”

The secured financing allows Qualitas Energy to strengthen its presence in Italy as it continues to develop a diverse renewable energy platform.

Via Qualitas Energy Fund V, the company owns aorund 65MWp of ready-to-build assets within the country.

Qualitas Energy is also developing a pipeline of more than 1GW across multiple regions of the country, primarily focused on wind projects, with key permits expected between 2027 and 2028.

Legal advice to Qualitas Energy was provided by BonelliErede, with technical input from Vector Renewables and Kiwa-Moroni. DWF served as legal counsel to the lenders.

Qualitas Energy manages a portfolio of 11GW in operational and development-stage assets.

These span concentrated solar power, energy storage, hydroelectric power, renewable natural gas, solar PV and wind in Chile, Germany, Italy, Poland, Spain, the UK and the US.

Last month, Qualitas Energy acquired a 164MWp development-stage solar PV project in Illinois, US, from Bechtel Enterprises.