Stafford Capital Partners, an international private markets investment and advisory firm, secured an €89.4 million (~$105 million) refinancing facility for its STAR I solar portfolio in Italy.

BPER Corporate & Investment Banking provided the financing and acted as facility agent, original lender, original account bank, bookrunner, and mandated lead arranger.

The multi-borrower, non-recourse project finance facility will refinance existing portfolio-level debt and fund a revamping and repowering program for the incentivized portion of the STAR I portfolio.

The STAR I portfolio includes 30 operational solar photovoltaic projects across Italy. Its installed capacity is expected to increase from approximately 75 MW to approximately 84 MW upon completion of the optimization program, with total annual production reaching about 130 GWh.

The portfolio comprises projects commissioned from 2011 and projects expected to reach commercial operation in 2026. Stafford said the assets include a range of technologies and operating profiles. Six of the 30 projects operate on a merchant basis, while the remaining benefit from incentivized revenue structures.

Angelo Prete, Partner, Infrastructure at Stafford Capital Partners, said: “This refinancing represents an important step in the continued evolution of the STAR I portfolio. By securing long‑term financing alongside the revamping and repowering program, we are enhancing the portfolio’s performance, extending asset life and increasing installed capacity, while maintaining a disciplined approach to risk and capital efficiency. The transaction highlights our ability to deliver complex portfolio‑wide solutions and reinforces the rationale behind our dedicated renewables strategy in core European markets.”

Legance Avvocati Associati conducted legal due diligence and drafted the finance documents. MFZ Partners advised the sponsor on financial structuring and the financial model. KPMG Advisory audited the financial model. Kiwa Moroni acted as technical adviser and reviewed permitting, technical, and economic aspects of the portfolio.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the funding raised in the same period in 2025.

In 2026, Bluefield Solar (BSIF), the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, reached financial close on a debt raise of up to £120 million (~$163 million) term loan commitments to fund the construction of four solar projects in its development pipeline.