Nofar Nabs €507m for Italy Solar-Storage Push

• Nofar Energy secures €507m to turbocharge Sunprime’s Italian solar-plus-storage push, scaling 290 MW PV, 350 MW storage and C&I flexibility amid rising demand for firmed renewables.

Nofar Energy secured EUR 507 million in debt from a consortium of lenders to scale solar and battery storage in Italy via its Sunprime platform. The funding backs about 290 MW of solar and 350 MW of storage, targeting Italy’s growing demand for firmed renewables and C&I flexibility.

The facility lifts Sunprime’s total financing to EUR 861 million, enabling deployment of 730 MW of PV and 1,400 MWh of batteries—a strategy focused on flexibility and value capture beyond midday generation. Sunprime, founded in 2020 in Milan, targets C&I PV, storage and EV charging; Nofar invested with Noy Fund in 2021.

What revenue stack and timelines underpin Sunprime’s €507m Italian solar‑storage buildout?

Revenue stack
- Long‑term C&I PPAs: onsite self‑consumption and offsite physical/virtual PPAs with indexed pricing and floor structures
- Merchant sales: day‑ahead/intraday energy plus financial hedges; imbalance optimization
- Storage arbitrage: peak/off‑peak spread capture across DA/ID markets; co‑optimized with PV clipping capture
- Ancillary services with Terna (UVAM/MSD): mFRR/aFRR bids, balancing and redispatch services
- Fast frequency services: eligibility for Fast Reserve/FFR‑style tenders where assets meet response specs
- Capacity Market payments: multi‑year availability revenues for qualified BESS (and hybrid) units
- Behind‑the‑meter value: demand charge reduction, backup/resilience premiums, and site optimization for C&I clients
- EV charging add‑ons at customer sites: energy margin and service fees
- Environmental attributes: Guarantees of Origin and corporate sustainability credits
- Potential local flexibility/congestion programs with TSO/DSOs as they scale

Timelines
- 2024: debt in place; module/BESS/transformer procurement and EPC awards; initial PPA tranches executed
- 2H24–1H25: start of construction on first clusters; grid connection works and permitting finalizations
- 2025: initial CODs; prequalification and onboarding to Terna ancillary markets within 3–6 months of energization
- 2026–2027: bulk of PV+BESS capacity energized as connections come online; full revenue stacking active portfolio‑wide
- Capacity Market: participation aligned to delivery years 2025–2028 (and subsequent rounds) as projects qualify
- PPA program: rolling 3–10‑year deals through 2024–2026; residual merchant share managed via forward hedges
- 12–24 months post‑portfolio COD: potential refinancing once operational data de‑risks the stack