IN Brief:
- NORD/LB has closed a €74m financing package for the 97.5MWp Aussa Corno solar project.
- MSE Solar and Envalue sponsor the project through Parco Solare Friulano 1 in Friuli Venezia Giulia.
- The plant secured a 20-year FER X Transitorio contract and targets completion in the second quarter of 2028.
NORD/LB has completed a €74m project financing package for the Aussa Corno photovoltaic development in northern Italy, supporting a 97.5MWp solar power station sponsored by MSE Solar and Envalue. The project sits in the Aussa Corno industrial area at San Giorgio di Nogaro, in Friuli Venezia Giulia. The financing supports construction and development through the operating phase, with completion currently planned for the second quarter of 2028.
The borrowing has been arranged for Parco Solare Friulano 1, the project company indirectly controlled by MSE Solar and Envalue. NORD/LB is sole lender, mandated lead arranger, and facility agent, providing the debt financing structure for development and construction. This is the bank’s second Italian solar financing with the two sponsors. The latest transaction follows several years of project development and brings the Aussa Corno scheme into the construction financing phase.
The plant’s 97.5MWp rating represents the nominal peak output of its photovoltaic modules under standard test conditions. Electricity exported to the grid will pass through inverters and other electrical equipment and will vary with irradiance, temperature, plant availability, and connection conditions. The expected annual generation is 115,783MWh, equivalent to around 115.8GWh. That annual forecast and the peak module rating measure different aspects of the asset and will be assessed against actual operating results after commissioning.
Aussa Corno is situated within the industrial hub at San Giorgio di Nogaro in Friuli Venezia Giulia. Its generating equipment will be installed close to an established centre of industrial demand, although the precise arrangements for electricity sales and any individual industrial offtaker have not been specified. Power must pass through the plant’s collection, conversion, protection, and export infrastructure before reaching the grid. The connection arrangements will govern the usable export capacity independently of the photovoltaic modules’ peak rating.
The project has secured a 20-year contract for difference under Italy’s FER X Transitorio renewable support procedure. The contractual arrangement gives the project a defined long-term revenue framework, supporting the financial modelling used to assess debt repayment and operating cash flow. Price-settlement terms and performance obligations follow the scheme rules and awarded contract. NORD/LB’s financing therefore combines construction funding with a long-duration support mechanism linked to future renewable electricity generation.
According to Parco Solare Friulano 1, the project has been developed over approximately seven years and is now moving towards construction. The transition requires contractors to convert the permitted design into equipment orders, site works, and an installation programme that can meet the planned completion date. Photovoltaic module supports, electrical cables, inverters, and network connection works will have to be delivered in an appropriate sequence. Financing completion provides the funding framework for that programme, while physical construction and commissioning remain separate milestones.
Photovoltaic modules produce direct-current electricity, which inverters convert to alternating current for delivery through the plant’s collection network. Transformers and switchgear then provide the required network interface, with protection equipment isolating faults and monitoring systems recording operation. The final inverter and transformer specifications for Aussa Corno have not been detailed in the transaction information. Their design will affect conversion losses, control capability, and the relationship between peak module capacity and electricity exported during operation.
Construction in the established industrial area will involve ground preparation, access for materials and equipment, installation of support structures, and coordination of electrical and civil works. Once the generating arrays and collection circuits are complete, energisation and grid compliance tests must precede routine commercial operation. The sponsors expect the 97.5MWp plant to be completed in the second quarter of 2028. Its projected annual output will then depend on the installed configuration, operating conditions, and availability across a full year.
Arcus advised on financial modelling, structuring, and financing negotiations. DLA Piper acted for NORD/LB, while Bird & Bird advised the project company and sponsors on the financing documentation. Parola Associati handled project authorisation and contract work, including due diligence. Those assignments connect the project financing with the permissions and contractual arrangements required for the development to proceed into construction and, later, operation.
Aussa Corno sits alongside other solar schemes being developed by the sponsors in Friuli Venezia Giulia, including projects at Santa Maria la Longa and Pavia di Udine. Pauli Malsiner, chairman of Parco Solare Friulano 1, has linked construction readiness to the completion of the long-running development and financing process. The projects’ regional locations bring photovoltaic development into the same part of northern Italy, although each plant will follow its own construction, electrical connection, and operating timetable.
NORD/LB’s €74m financing closes the principal debt package for the Aussa Corno development, which is backed by a 20-year FER X Transitorio contract. MSE Solar and Envalue now plan to complete the 97.5MWp plant in the second quarter of 2028. The next delivery stages are procurement, installation, network integration, and commissioning, after which the forecast annual generation of 115,783MWh can be measured against the plant’s actual output.
