The move comes two months after the energy industry investor announced it had purchased the 70 MW photovoltaic power plant from SunEdison, a division of MEMC Electronic Materials, Inc.
When completed later this year, the project is expected to be the largest operating solar power plant in Europe.
"SunEdison is a leader in executing large scale projects like Rovigo and we are proud to add this flagship project to our energy infrastructure portfolio,” said Mark Florian, Managing Director of First Reserve Energy Infrastructure, after the acquisition was announced.
“Rovigo will serve as a worldwide reference for its scale, representing many unique skills embedded in our partnership with SunEdison, including expertise in coordination of complex solar projects, technical management and financial execution," he said.
Carlos Domenech, President of SunEdison, said the transaction, “demonstrates SunEdison’s capabilities in developing large-scale solar projects, working with investors to design and implement project finance structures, supporting government agencies in obtaining renewable energy goals and creating green energy jobs”.
The lenders participating with First Reserve on the financing agreement include Banco Santander, Unicredit Corporate Banking, Credit Agricole, Dexia Crediop, Natixis, and Societe Generale.
Italy's solar sector is among the fastest growing in the world, with installations expected to easily top the 1,144 MW that were installed last year.
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