The Torchiarolo project is expected to reach commercial operation by the end of 2010, which will qualify it for a 20-year regulated feed-in tariff under the ‘Conto Energia’ scheme. Global Energy Services Italia is constructing the project.
Two banks, which participated in this financing, are UniCredit Mediocredito Centrale (as agent) and Centrobanca – Banca di Credito Finanziario e Mobiliare. The facilities cover approximately 85% of estimated project costs at completion, and the final maturity date is 18 years post construction.
David Sundstrom, AES Solar country manager for Italy, said: “Reaching financial close on the 8MW Torchiarolo project, our second solar PV project in Italy this year, demonstrates AES Solar’s strong capabilities in project finance and development. We appreciate the continued support of lenders as we move forward to develop our pipeline of PV projects under Italy’s feed-in tariff structure.”
AES Solar currently has a global operating portfolio of 37MW in France, Greece and Spain, and with the addition of the Torchiarolo project, has a total of 51MW of projects under construction. The company said that it is on track to have 88MW in operation by the end of 2010.
