The estimated cost of the EPC project is approximately EUR5.6m. Additional ancillary expenses in connection with the construction period of the EPC Project are expected to incur another EUR0.15m.
The EPC Project, which will feature tracker technology, will join the company’s two existing PV plants in the Marche Region that are currently under construction.
As per the terms of the agreement, the contractor needs to procure delivery of two fully operational PV plants, including the connection of the solar power plants to the Italian national grid to enable the sale of the produced power to the Italian national energy handler (GSE).
Time to connection to the national grid is estimated at approximately 150 days from first payment. Thereafter, the company will commission the contractor to operate and maintain the EPC Project for an annual fee, with an additional bonus or penalty to be paid depending upon the power output from the plants.
The company plans to obtain financing from a financial institution to fund the majority of the investment in connection with the EPC Project.
