First Reserve Closes Financing For Italian Photovoltaic Plant

Private equity firm First Reserve Corp. has entered into a 276 million euro project financing facilities agreement for the Rovigo solar plant in northeast Italy. First Reserve acquired the 70 MW photovoltaic power plant from Sun Edison LLC, a division of MEMC Electronic Materials Inc., in September.

When completed later this year, the project is expected to be the largest operating solar power plant in Europe, according to First Reserve Corp. The lenders participating with First Reserve on the financing agreement include Banco Santander, Unicredit Corporate Banking, Credit Agricole, Dexia Crediop, Natixis and Societe Generale.

SOURCE: First Reserve

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