AES Solar Closes Project Financing For 24 MW PV Portfolio

AES Solar, a joint venture between The AES Corp. and Riverstone Holdings LLC, says that one of its subsidiaries has closed on long-term nonrecourse financing facilities totaling 103 million euros for a 24 MW portfolio of solar photovoltaic projects named Il Terzo.

The Il Terzo portfolio is located throughout the Lazio, Puglia and Sicilia regions of Italy. Two banks participated in this financing: Dexia Crediop and Societe Generale. The facilities cover approximately 85% of estimated project costs, with a final maturity date of 18 years post-construction.

The seven plants comprising Il Terzo are expected to reach commercial operation by the end of the first quarter of 2011, which will qualify the portfolio for a 20-year regulated feed-in tariff under the Conto Energia scheme, the companies add.

SOURCE: AES Solar

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