9REN, which is owned by energy investor First Reserve Corporation, raised the money from a syndicate of three banks, with the Unicredit Group and Natixis leading the deal and Mediocreval also participating.

The money will be used to finance five photovoltaic parks currently under construction in Italy, which will have a total peak capacity of 22 megawatts (MW). Completion is expected by year end, giving 9REN a total installed solar capacity of 45MW.

9REN was established in April 2008 from the merger of Spain-based 9REN and Italian-headquartered Ener3, both of which were acquired by First Reserve Corporation.

First Reserve has more than $1 billion (£650 million) invested in the renewable energy sector worldwide, and has been investing solely in energy for more than 25 years.