AES has released that one of its subsidiaries has closed a €25 million non-recourse debt facility for the Iktinos project. The 4.3MW PV facility is located in Florina, Greece and upon completion will be the largest solar PV installation in the country. The project has an anticipated commercial operation start for the early part of 2010. The PV project also qualifies for the regulated tariff under the Renewable Energy Sources Law 3468/2006 and for a capital subsidy to support qualified expenditures.
“We are very pleased to reach financial close on our first Solar PV deal in Greece. The credit markets remain challenging, but this project demonstrates our ability to raise non-recourse finance, even in a market where there are few precedents for such deals. This is the successful result of combining a well-structured project with committed people on both sides of the deal. We hope to accomplish further projects in Greece in the near future,” said Robert Hemphill, CEO of AES Solar.
The financing for this project is the largest for a solar installation in Greece to date. The loan was extended by Landesbank Baden Wurttemberg (LBBW) of Germany in numerous tranches, which included an 18 year term tranche and three shorter term tranches. Polycrystalline panels by Yingli are purportedly going to be used for the project.