The 12-project portfolio stretches across Sicily, Apulia and Lazio. Source: Myke B
Canadian Solar will fund the construction of a 151MWp portfolio of Italian solar projects with a €55 million bilateral revolving credit facility from Italian bank Intesa Sanpaolo.
The solar group announced that it had secured the financing in a press release on Tuesday, with chairman and chief executive Shawn Qu noting that the firm intends to “continue to invest in the Italian solar market during this challenging time”.
The 12-project portfolio lies among Italy’s first subsidy-free ventures, according to Canadian Solar, and will be spread across Sicily, Apulia and Lazio.
The company intends to start construction later this year. It said the projects will be equipped with Canadian Solar HiKu CS3W-425 modules and be capable of producing approximately 287GWh of solar power per year.
Canadian Solar claims to have a 900MWp pipeline in Italy and 2GWp under development across Europe.
Qu noted that “Italy is expected to be one of the fastest growing solar energy markets in Europe given the size of its economy and abundant solar resources.”
As subsidy-free solar gains traction in Italy, the industry has shown little enthusiasm for state auctions. The nation’s latest renewable auction – the first in a new series, held last autumn – saw a meagre 5MW of a total 500MW go to solar.
The prospects and challenges of solar's new era in Europe and beyond will take centre stage at Large Scale Solar Europe 2020 (Lisbon, on 30 June - 1 July).
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.