Italian solar power producer Sunprime Group has signed a deal for EUR 204 million (USD 220.7m) in debt financing that will enable it to install rooftop and ground-mounted solar parks across Italy totalling up to 220 MW.

The funding package will be provided by Natixis Corporate & Investment Banking and the European Investment Bank (EIB), the latter said on Tuesday, adding that portion stands at EUR 97 million.

The loan will support the construction of more than 100 photovoltaic (PV) plants on roofs and on land throughout Italy. The specific portfolio is considered to be one of the largest PV bundles in the country, according to the statement.

Once up and running, the solar parks are expected to produce roughly 275 GWh of electricity annually, or enough to meet the consumption of over 105,000 local homes. The majority of the PV arrays will be located on industrial land or on roofs involving asbestos removal, which makes them eligible for incentives under Italy’s FER Decree 1. Some of the installations will be built on agricultural land and their output will be sold on the market.

The PV plants are slated to begin operations by 2026.

The loan agreement supports Sunprime’s plan to have 500 MWp of grid-connected PV capacity across its home country.