Infrastructure asset manager Infranity has provided Peridot Solar Limited (PSL) with €120m financing to help expand its portfolio in Italy.

Infranity said the capital will be used by PSL to construct a 178MW portfolio of seven solar energy assets.

Solar developer PSL expects to reach 5GW of renewable capacity by 2026 across Europe by developing, building and operating renewable energy projects.

The deal expands Infranity’s strategy of financing energy transition in Europe, which has invested in 14 renewable energy transactions worth €1.3bn since the launch of the Generali-backed firm in 2018.

Sacha Kamp, head of infrastructure debt investments at Infranity, said: “In light of the EU’s commitment to be carbon neutral by 2050, the capital needs to finance the energy transition in Europe are substantial and Infranity is actively contributing through investments in high-quality and long-term positive impact infrastructure assets. We are looking at many more renewable energy investment opportunities across Europe.”

Massimo Sapienza, managing director at Peridot Solar Limited, said: “This financing agreement with Infranity is a milestone in the history of PSL and the broader Italian solar market given its innovative structure.

“The Italian solar industry continues its development and consolidation as a key contributor to Europe’s ambitious agenda while PSL strengthens further its strong financial position.”

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