Element Power Solar celebrated its newly completed 4.5MW ground-mounted PV plant in Sicily. Located near Gela, the plant is anticipated to produce over 1,570 equivalent hours of production per year. Element Power, which closed a lease-and-sell-back agreement with an unnamed Italian clean energy projects lender, will manage and operate the PV plant.
“This project leveraged on Element Power Solar’s international expertise in selecting project sites and market conditions with high potentials, and in quickly executing construction of utility sized solar power plants,” said Ivan Furones, chief development officer of Element Power Solar.
Element Power Solar, through its subsidiary Officine Solari Piano Corallo, was granted a 20 year incentive of €346/MWh, in addition to the value of electricity sold at the energy pool price by the solar installation, by the GSE (Italian electrical system operator). The company claims that the incentive will allow it to produce over €3 million per year in revenues.