AES Solar, a JV between The AES Corporation and Riverstone Holdings LLC, just announced that it has closed on EUR173 million worth of financing for its planned Cellino San Marco project. The project will consist of a 43 MW solar PV plant in Italy’s Puglia region. The facilities will provide enough money for approximately 85% of the cost of building the plant, and they will mature 18 years after the plant is completed in the latter half of 2010.
The financing is being provided and coordinated by the following Italian banks:
Societe Generale, Unicredit Mediocredito Centrale, BNP Paribas Credit Agricole Corporate and Investment Bank and Dexia Crediop
In a press release, Massimiliano Battisti, Managing Director at Societe Generale, commented on the agreement:
“The Italian regulatory environment makes solar PV a highly attractive investment, its dynamics make innovative financing solutions necessary. This poses a significant barrier to entry for less sophisticated investors. In this environment we believe that it is very important to have partners like AES Solar who are among the most experienced sponsors in this sector, as they have both the industry and the financial expertise as well as the ability to understand the subtleties of the local market to enable them to successfully deliver the project.”