REC announces construction of 24 MW Solar Power Plant in Italy

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 installation is 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 lease 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.

Construction of the power plant started immediately after financial close and will be managed by ABB and REC who have formed a temporary EPC consortium. The installation, which will cover around 95 hectares, consists of more than 100,000 high performing REC Peak Energy modules. The plant will produce around 37 million kWh, equal to the energy consumption of around 14 000 families, and will offset 18 500 tons of CO2 per year.

"REC is pleased to work with BNP Paribas and ABB to realize this landmark project. Good collaboration with the banks throughout the development process made it possible to utilize an efficient financing solution," said John Andersen Jr, Executive Vice President and Group COO, REC.

In Europe REC Systems has offices in Munich, Germany and Milan, Italy, managing the development, design, installation and financing for large scale rooftop and free field projects.