One of AES Solar’s subsidiaries has completed long-term non-recourse facilities financing for €103 million, which will go towards the construction of a 24MW portfolio of solar PV projects in Italy. The “Il Terzo” portfolio will see the construction of PV sites in Lazio, Puglia and Sicilia, Italy. Banks Dexia Crediop and Société Générale contributed to the facilities financing, covering around 85% of the estimated project costs with a final maturity date 18 years after construction is completed.
David Sundstrom, AES Solar country manager for Italy stated, “The Il Terzo financing was an especially challenging endeavor as it was a multi-project financing, covering seven of our Italian PV projects which were in various stages of construction throughout the financing process. Closing our third financing in Italy in the space of eight months underlines the quality of AES Solar’s capabilities in project finance and development and the strength of our banking relationships.”
Il Terzo will be made up of seven PV plants that are expected to attain commercial operation by the end of the first quarter in 2011. This would allow the portfolio to qualify for the 20-year regulated feed-in tariff under the Conto Energia plan.