The Puglia region in Italy will be the site for AES Solar Energy’s subsidiary’s 8MW Torchiarolo solar PV project. The long-term deal was completed today for non-recourse financing facilities of €31 million. UniCredit Mediocredito Centrale and Centorbanca provided financing for the project.
David Sundstrom, AES Solar country manager for Italy stated, “Reaching financial close on the 8 MW Torchiarolo project, our second solar PV project in Italy this year, demonstrates AES Solar’s strong capabilities in project finance and development. We appreciate the continued support of lenders as we move forward to develop our pipeline of PV projects under Italy’s feed-in tariff structure.”
The Torchiarolo project is expected to be on-line by the end of this year and qualify for a 20-year regulated feed-in tariff. This project brings AES Solar’s total project portfolio to 51MW under construction and keeps the company on target for 88MW of operation by the end of 2010.