NORD/LB, positioned as a leading financial partner for the energy transition, has completed the project financing for a 75 MW portfolio of 21 photovoltaic plants located across Italy. The portfolio is being developed by AIEM Green S.r.l. and is backed by the fund Impax New Energy Investors IV. For this transaction, NORD/LB is acting as the sole lender, as well as the mandated lead arranger, hedge provider, agent and account bank. The financing package is designed to support both the construction and the delivery phases of the solar portfolio, reinforcing the bank’s ongoing commitment to accelerating renewable-energy deployment in Italy—one of its key markets in Europe.

The portfolio consists of 21 ground-mounted solar PV plants spread across multiple regions of Italy. Several sites are already under construction, with the first projects expected to reach commercial operation in the first quarter of 2026. Additional sites will progressively come online through 2028. Once fully operational, the combined portfolio will have the capacity to supply clean power to approximately 45,000 households annually, contributing significantly to Italy’s renewable-energy expansion.

The deal features a blended revenue structure. Some plants will benefit from public incentive mechanisms including the FER 19, FER X and Agrivoltaic PNRR schemes, while the remaining plants will operate under merchant market exposure. This balanced structure enables diversified revenue streams and reflects emerging trends in the Italian solar market, where mixed-model portfolios are increasingly common.

Commenting on the transaction, Cecile Luciano, Director at NORD/LB, said that the bank is proud to support AIEM Green and its sponsors with a financing structure that underscores the quality of the portfolio and highlights the growing importance of privately financed solar projects in enabling the energy transition. She noted that Italy remains a strategic market for the bank, backed by strong long-term fundamentals and national policy commitments outlined in the country’s PNIEC.

The management team at AIEM Green which includes Massimo Turri (Chairman), Elia Corrado Lubian (CEO), Diego Toti (General Manager) and Domenico Cambareri (CTOO) added that the transaction marks a significant milestone for the company. They highlighted their commitment to innovative, sustainable and agriculturally compatible solar projects that contribute to Italy’s long-term energy and environmental goals.

Under its National Energy and Climate Plan, Italy aims to reach 79 GW of installed solar PV capacity by 2030. Meeting this target will require steady investment across both utility-scale and distributed solar segments, making private financing a key driver of national decarbonisation efforts. The newly financed 75 MW portfolio demonstrates the essential role that private-sector capital can play in supporting Italy’s clean-energy ambitions. On the advisory side, Deloitte Legal served as legal counsel to NORD/LB, while Gianni & Origoni advised AIEM Green S.r.l.

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