REC begins major solar project in Italy

03 February, 2011 A BNP Paribas fund will hold a 70 per cent stake in the plant.

Norwegian solar energy company REC has begun construction of a 24.2 MW solar power plant in the Lazio region of Italy.

The company said the project is the largest lease-financing solution for a photovoltaic project in Italy, making use of 100,000 REC modules.

REC will manage construction of the site in partnership with Switzerland-based ABB, with the installation expected to cover 95 hectares and produce around 37 million kWh, thereby offsetting 18,500 tonnes of carbon emissions per year.

Unicredit Leasing, Leasint and BNP Paribas Leasing Solutions are providing the lease financing for the plant, which has been organised under a special purpose vehicle company named Phenix Renewables SRL.

Future equity owners include CEF Energia BV, a BNP Paribas fund with a 70 per cent stake, and MedEnergy Group with a 30 per cent stake.

"REC is pleased to work with BNP Paribas and ABB to realise this landmark project," commented John Andersen Jr, executive vice-president and group chief operating officer at REC.

"Good collaboration with the banks throughout the development process made it possible to utilise an efficient financing solution."

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