Zelestra has appointed a financial advisor to raise debt for a 500 MW / 2 GWh BESS project and a tranche of its solar PV assets in Italy, it is understood.

The group, which in early autumn 2025 signed a long-term tolling agreement to enable the delivery of the northern Italy-located BESS scheme with BKW, is believed to have mandated Astris Finance in recent days to oversee its debt raise.

The financing is also believed to be set to include a portion of Zelestra’s Italian solar portfolio – the group secured 20-year Fer-X contracts in late 2025 for 168 MW of PV, while in March it also announced it has contracted 1.5 TWh of electricity supply to date under Italy’s Energy Release 2.0 mechanism, with 950 GWh of this to be delivered to Burgo Group.

The transaction – which is forecast to launch in Q3, could see Zelestra look to raise in the region of EUR 400m in long-term debt, according to market sources.