The photovoltaic (PV) arrays will be installed through a joint venture partnership between Acta, a developer and manufacturer of a broad range of renewable energy and related products, and Fedi Impianti, one of Italy’s largest and most highly reputed specialist PV installation companies.
The Preliminary Contract agrees to the development, installation and sale to SPF of large-scale PV arrays in Italy during 2010. The total contract value is estimated to be in the region of €50 million, subject to the joint venture being able to secure and deliver the installed capacity requested by SPF.
The first phase of this contract, comprising three projects, has been approved subject to final contracts with an aggregate value of €8.8 million, and installation is expected to commence within the next two months.
Additional projects will be added under the terms of the Preliminary Contract as they complete their authorisation procedures and due diligence requirements over the coming months. The project duration of each installation is approximately four months from the commencement of building work.
In order to deliver these projects, Acta has formed a 50%-50% joint venture company with Fedi Impianti, which will operate under the name of “SolGen”. Acta will contribute commercial management, technical consultancy and short term working capital, together with financial and administrative control of the new operations, while Fedi Impianti will be responsible for managing the installation projects and the operational aspects of the joint venture’s activities.
Paolo Bert, Chief Executive, commented: “During 2009 we have pursued partnerships and opportunities within the Italian PV installation sector, and we are delighted that these efforts have now culminated in our joint venture with Fedi Impianti and a major PVinstallation contract with SPF”.
Bert highlighted that PV is strategic to Acta for two key reasons. Firstly, it is highly complementary to its hydrogen generator technology which, for a low-cost electrolyser with no noble metals, is unique in being able to produce compressed hydrogen from intermittent renewable power sources such as photovoltaics. “By incorporating the ability to offer PV panel installations, we can therefore complete the renewable energy value chain from power generation, through energy conversion and storage (in the form of hydrogen), to stationary, mobile or portable fuel cell products and applications,” he said.
Secondly, Bert explained that entering the fast-growing Italian PV installation market will enable his company to start generating significant revenues within the short term. “We have sought to minimise operational risks on these projects through our choice of partners with specialist technical, legal and project support experience. The cash exposure on the programme will remain well within our financing capabilities,” he commented, adding that: “2010 will be a year of great activity in the Italian PV market, where high feed-in tariff rates have combined with low component costs and a high availability of prime sites to create an ideal investment environment”.
Hydrogen generation
Acta’s product line includes a range of compact hydrogen generators as well as various portable, mobile and backup fuel cell devices that can make use of locally generated hydrogen in UPS, marine, automotive, electric cycling, scooter, camping and domestic applications. Its cost-competitive products are based on its proprietary, inexpensive environmental catalyst and hydrogen conversion technologies, which it explains: “help overcome the barriers to the adoption of fuel cells, most notably the lack of a local hydrogen infrastructure”.
The company is based near Pisa (Italy), from where it manages a growing overseas distributor network targeting a global fuel cell market estimated to be worth US$26 billion by 2020.
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