ETIC Partners (ETIC), through its Energy Transition Europe II fund, has announced its second investment in a portfolio of renewable energy assets across Italy. This investment includes photovoltaic plants spread across Puglia, Basilicata, and Abruzzo, along with a 40 MW wind plant located in Basilicata. Supported by a total of seven operational assets with a combined capacity of 58 MW, ETIC has provided €10 million in junior debt to refinance the sponsor’s equity.
Additionally, ETIC is exploring the potential construction of up to 31 MWc of new photovoltaic plants through this platform. The existing portfolio generates approximately 99 GWh of electricity annually, contributing to the avoidance of over 23,000 tons of CO₂ equivalent emissions. Each asset benefits from a long-term incentive contract with the Italian state, ensuring financial stability and supporting Italy’s transition towards a greener energy mix.
BelEnergia, the independent power producer behind these assets, was founded in 2021 and has established itself as a key player in Italy’s renewable energy sector. The company develops, constructs, owns, and operates photovoltaic and wind energy projects, with a total of 150 MW currently in operation or under construction. Additionally, BelEnergia manages biogas and biomethane units with a combined 19 MW of capacity, converting organic waste into clean energy. Headquartered in Milan and Lecce, the company employs approximately 180 full-time professionals. To support its rapid expansion and contribute to European decarbonization efforts, BelEnergia secured €190 million in funding last year, strengthening its financial foundation for future growth.
The investment aligns with Italy’s ambitious renewable energy targets. By the end of the decade, the country aims to derive 63% of its electricity consumption from renewable sources. In 2024, renewable energy covered 50% of Italy’s electricity demand, marking an increase from 44% in 2023. In July 2024, Italy released the final version of its updated National Energy and Climate Plan (NECP), which sets an ambitious goal of 80 GW of photovoltaic capacity and 28 GW of wind power by 2030.
Over the past year, Italy added 7.5 GW of new renewable capacity—a 29% increase from 2023—bringing the country’s total renewable energy capacity to 76.6 GW. This includes 37 GW of solar power, 13 GW of wind energy, and significant contributions from biomass. Additionally, over 2.1 GW of new storage capacity was installed in 2024, raising the country’s total storage power to 5.6 GW with 12.9 GWh of energy storage.
For ETIC, this transaction strengthens its strategic position in Italy’s renewable energy market. The firm’s first fund, Energy Transition Europe, previously invested in the development of a large commercial and industrial photovoltaic portfolio comprising 44 projects with a total capacity of 29 MWp. The Italian renewable energy sector remains an attractive investment destination due to its stable regulatory framework, strong national support mechanisms, and a dynamic power purchase agreement (PPA) market.
This marks the second investment of Energy Transition Europe II, coming just three months after the fund’s launch. It is also ETIC’s 15th transaction since 2021, contributing to over 600 MW of funded renewable generation capacity across Europe. Classified as an “Article 9” fund under European sustainability disclosure regulations, Energy Transition Europe II follows a strategy similar to its predecessor. The fund focuses on financing new renewable energy projects, as well as refinancing existing ones, through junior debt investments.
Gabriel Delmer, investment director of Energy Transition Europe II, said in a statement, “This transaction is a perfect illustration of our investment thesis: support the deployment of renewable energies and back its most important players – the independent power producers – with financing structures that enable them to recycle their own funds tied up in projects. It also confirms our interest in Italy, a major European marketwith plenty of high quality projects and dynamic players, among which BelEnergia is a pioneer.”
Jacques-Edouard Levy, COE de BelEnergia, stated, “At BelEnergia, we promote a culture of industrial excellence with a significant ESG impact. ETIC’s investment marks a key stage in our development. This fresh capital will enable us to accelerate our growth and strengthen our contribution to the European challenges of energy transition.”
With a target fund size of €200 million, Energy Transition Europe II aims to deploy investments ranging from €5 million to €25 million in photovoltaic, onshore wind, and energy storage projects. As Europe accelerates its shift towards renewable energy, this fund will play a critical role in supporting decarbonization efforts, particularly in Central and Eastern European member states, where the demand for sustainable energy solutions continues to grow.
