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The Amplio Group has completed and connected two plants of 1MW each and expects to connect four additional 1MW plants by the end of February 2010. At the conclusion of these installations, Amplio's investment will be approximately €13 million for a total of 6MW of solar plants in the provinces of Foggia and Lecce in the region of Puglia in southern Italy.
These latest projects bring Amplio's total investment in solar in the last 12 months to approximately €33 million, financed in part with equity and vendor finance in order to accelerate construction of the solar plants. Amplio is currently expanding its solar team and is seeking finance for an additional 20-30MW in 2010. Once the plants are fully operational, Amplio intends to refinance its solar portfolio with senior bank debt.
Italy was an attractive location for Amplio as the country is close to grid parity, yet with the revision of the FiT envisaged for 2011, all operators in the sector must consider a maximum reduction of 20% in the FiT and further yearly smaller reduction of some 3-5% afterwards. However, Amplio believes that the market will remain attractive in Italy for at least the next two to three years.
