The project is the largest lease financing solution for a photovoltaic project in Italy. Organized in a special purpose vehicle company named Phenix Renewables SRL, it received all required authorizations in March, 2010.
The project is being financed through a leasing structure with the financial close and first draw-down on the financing completed in early January. Unicredit Leasing (Unicredit Group), Leasint (Banca Intesa Group) and BNP Paribas Leasing Solutions (BNP Paribas) are providing the leaseach participating in the project financing for the plant.
The future equity owners include CEF Energia B.V., a BNP Paribas Fund with a 70 percent stake, and MedEnergy Group with a 30 percent stake.
“We are pleased to work with BNP Paribas and ABB to realize this landmark project,” said John Andersen Jr., Executive Vice President and Group COO, REC. “Good collaboration with the banks throughout the development process made it possible to utilize an efficient financing solution.”
Construction of the power plant started immediately after the financing closed and will be managed by ABB and REC who have formed a temporary EPC consortium. Once completed the plant will cover about 95 hectares, and produce around 37 million kWh annually.
This is equal to the energy consumption of around 14 000 families, and will offset 18 500 tons of CO2 per year, the companies said.
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