Nov 26 2010
SunEdison, auxiliary of MEMC Electronic Materials and a globally known solar energy services offering company, has interlinked a 70 MW solar photovoltaic power production plant, located in close proximity to the town of Rovigo in North East Italy.
The company has completed the installation and interlinking requirements of the single operating and largest photovoltaic solar plant in Europe in a span of nine months.
The photovoltaic solar power plant is currently owned by First Reserve in accordance to a signed partnership accord between SunEdison and First Reserve Corporation. The joint venture program received investments from Perennius Capital Partners and Partners Group First reserve also has acquired project finance worth euro 276M from some of the leading banks such as Credit Agricole, Dexia Crediop, Banco Santander, Societe Generale, Natixis, and Unicredit Corporate Banking. SunEdison as a minor stake holder in the partnership with First Reserve, will administer the continuing operations and repairs of the Rovigo plant. The solar power plant is anticipated to bring in a good number of ecological benefits during the working of the plant. During its first year of functioning the installed solar system will produce enough electric power to meet the power requirements of over 16,500 homes and stop over 40,000 tons of carbon dioxide discharges which can be equated to taking off 8,000 cars from the road for a year.
Mark Florian, First Reserve Energy Infrastructure’s Managing Director, praised the efficiency of and reliability of SunEdison in completing the large level solar projects such as the one completed at Rovigo, which the company considers as its flagship project and added that his company looks forward for more such partnerships in future. He credited the Italian solar market for its constant tariff structure, right regulatory settings and for its consistent solar factor.