Energy company Etrion Corp. has closed the financing for the construction of four solar power plants in southern Italy with an aggregate capacity of 4 MW. The ground-based solar photovoltaic power plants, once built, will generate approximately 6.8 million kWh per year.
The company arranged the financing with Centrobanca, an Italian bank owned by the UBI Group. The total project cost is approximately 20.7 million euros. The nonrecourse loan provided by Centrobanca is for 17.2 million euros, or 83% of the anticipated cost. Concurrent with the financing, a subsidiary of Etrion committed the balance of 3.5 million euros.
Construction of the first project is targeted to begin by the end of November, and the company's first electricity sales under the Italian feed-in-tariff regime are expected during the third quarter of 2010.
SOURCE: Etrion Corp.