A subsidiary of AES Solar has secured long-term non-recourse funding of €68 million to finance the construction of an 18MW portfolio in Italy.
The four institutions providing the financial backing are Dexia Crediop, Société Générale, DnB NOR and ING. Their support will cover 81% of the projected installation costs for the four systems in Lazio, Puglia and Sicily.
All of the systems are expected to be operating commercially before the end of Q3, thus qualifying for a 20-year regulated feed-in tariff under the Conto Energia renewable energy tariff structure.
AES Solar currently has a global operating portfolio totalling 127 MW, with plants in Italy, Spain, Greece, Bulgaria and France.