Qair Secures Credit Agricole Loan for 8 MW Solar Project in Italy

French independent renewable power producer Qair has secured debt financing from compatriot lender Credit Agricole SA backing the construction of an 8 MW solar project in Italy.

The deal marked Qair’s first financing transaction in the Italian Peninsula, the French company said in a LinkedIn post on Wednesday. The value of the secured debt package was not disclosed.

The fresh proceeds will be allocated for a project that will create Qair’s first photovoltaic (PV) farm in Italy. To be installed in the commune of Marrubiu, on the Sardinia island in the Mediterranean Sea, the plant is expected to start generating electricity over the next few months.

In Italy, Qair currently owns a 12.5-MW wind farm in Piedmont, in the northwest of the country. The company’s local development portfolio includes over 2 GW of wind and solar projects under construction, with building works set to be launched on 100 MW of PV schemes between 2024 and early 2025.

In line with its expansion in the Peninsula, Qair plans opening an office in Milan, it said.