Stafford Capital Partners completes refinancing of STAR I solar portfolio with BPER

Transaction supports repowering of a diversified Italian solar PV portfolio and underlines Stafford’s dedicated renewables strategy

London, 12th May 2026

Stafford Capital Partners (“Stafford”), a leading international private markets investment and advisory firm, today announced the successful multi‑borrower, non‑recourse project finance refinancing of its STAR I solar portfolio with BPER Corporate & Investment Banking, for a total amount of €89.4 million. BPER Corporate & Investment Banking acted as Facility Agent, Original Lender, Original Account Bank, Bookrunner and Mandated Lead Arranger.

The transaction has refinanced existing portfolio‑level debt and is providing funding support for a comprehensive revamping and repowering programme focused on the incentivised part of the portfolio, enabling further operational optimisation and long‑term value creation.

The refinancing supports the planned revamping and repowering of the STAR I portfolio, which sits within Stafford’s wider infrastructure platform, and comprises a diversified set of 30 operational solar PV plants located across Italy. Following completion of the optimisation programme, the portfolio’s installed capacity is expected to increase from approximately 75 MW to approximately 84 MW, with an average 80% production increase for the plants subject to repowering, sufficient to supply electricity to roughly 65,000–90,000 European homes[1], depending on consumption patterns; with total annual production expected to reach around 130 GWh.

The portfolio comprises assets with a broad range of vintages, from plants originally commissioned in 2011 to assets expected to reach commercial operation in 2026, reflecting a diverse mix of technologies and operating profiles. Six of the 30 assets operate on a merchant basis, with the remainder benefiting from incentivised revenue structures.

The transaction marks a key milestone in the execution of Stafford’s strategy to actively manage and enhance the value of existing renewable energy portfolios. By refinancing the portfolio as a single diversified platform, Stafford has optimised the capital structure, while funding value accretive capex seeking to extend asset life, increase installed capacity and enhance overall performance.

The transaction demonstrates the depth of expertise within Stafford’s team in complex, portfolio‑level refinancing structures. Stafford believes it provides a relevant case study for its dedicated renewable infrastructure strategy, combining active asset management, technical optimisation and institutional‑grade financing solutions across mature portfolios, within the regulatory frameworks for revamping and repowering in Italy.

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 programme, 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 performed the legal due diligence and the drafting of all the finance documents of the transaction. MFZ Partners acted as financial and model advisor to the Sponsor for the structuring of the transaction. KPMG Advisory S.p.A. acted as independent financial model auditor. Kiwa Moroni was responsible for Technical Advisory, conducting a comprehensive review of permitting, technical, and economic aspects related to the assets comprising the portfolio.

[1] [1] Average electricity consumption per EU household is 3.6MWh per year, as referenced here. This calculation was based on a conservative assumption of 1MW accounting for 800-1,000 European homes.