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AES Solar advised that it had closed on €77 million of long-term non-recourse financing for a 27MW, 10 project PV plant portfolio in Italy. The portfolio, known as Elpida, has solar plants located in the Lazio and Siciliy regions of Italy. The financing facility closed in May and was used to refinance the equity loaned in advance during construction of the Elpida project.
Dexia Crediop, DNB Bank and ING Bank all particiapted in the financing with the facility structured as a multi-borrower transaction. The company noted that six of the power plants total 21MW and reached commercial operation during the second half of 2011. The remaining four PV projects were completed during the first two months of 2012, qualifying them for a 20-year FiT regulated under Conto Energia IV.
