Dec 22 2010
Etrion, an Italy-based builder and operator of solar power plants, declared that it has completed the installation of the Oria solar park located in Puglia, Italy.
The ground-based solar power park designed to generate 1 MW power utilized high power generating solar modules manufactured by SunPower. The modules incorporated the single tracker technology for increased power generation and utilized Siemens inverters to store the generated power.
The Oria solar park is anticipated to generate over 1.7 million kilowatt hours of clean electric power and earn over 600,000 euros before deducting the due interest, taxes, depreciation and amortization (EBITDA) every year. The project is slated to receive 0.346 euros per every kWh of power production as feed-in-tariff and another 0.08 Euros per kWh as per the prevailing market price. The feed-in-tariff program of the Italian government guarantees a premium purchase price for a period of 20 years from the date of inception. The project received 83% of its funding as loan from the Italian Bank Centrobanca at an interest rate of 17.5% per year
Marco Northland, CEO of Etrion, expressed his happiness to declare the completion of the Orio Solar project constructed by SunPower. He added that the company is planning to complete the rest of 2 MW of its Italian energy portfolio prior to the year end.