Project Focus: NextPower 1 completes two 1MWp power plants in Italy

NextPower 1, JV of zouk Solar Opportunities and NextEnergy Capital has completed two power plants of 1MWp each, in Puglia, Southern Italy. Both plants are already benefiting from the premium tariff paid on the electricity they produce.

The two power plants have been engineered, designed and constructed by Enerqos and connected to the national electricity grid on December 23, 2009.

The first power plant is situated in the municipality of Gravina in Puglia (Bari province) and features Energos dual-axis tracker technology while the second, ground-mounted plant is located in San Pietro Vernotico (in the Brindisi province).  Both sites benefit from close proximity to the local power grid connection point. The overall investment amounts to €14.5m.

The two power plants will make a significant material contribution to the local communities, jointly producing nearly 100 million kWh.

NP1 is a special purpose vehicle founded by NEC, through its NextPower Holding platform, whose principal line of investment is in solar power plants. zSOL invested in May 2009 with an initial 49% stake, later raised to 65%.

The NP1 plants are among the first projects to be developed and promoted by NextPower Development - NEC's fully owned development company. NextPower Development has launched the construction of a total of 17MW peak for the same clients, including two additional power plants in Puglia currently under construction and due to be connected to the grid by June 2010.

The plants will be managed by WiseEnergy. Project financing has being provided by the Italian bank Centrobanca with a line of credit for €12.5m.