Etrion has signed a €48 million definitive sale and purchase agreement with SunPower to acquire the equity in the first two phases of the Montalto di Castro solar photovoltaic power park, which is reported to be the largest in Italy. The acquisition of the 20MW first phase of the project for €36 million has been completed, while the purchase of the second 8MW, €12 million stage remains subject to standard closing conditions and is expected to close by the end of the third quarter, 2010.
SunPower designed and built the 28MW power plant in the Lazio region of Italy near Rome, and will provide ongoing operations and maintenance services. The first 20MW were connected to the grid in November 2009, while the 8MW second phase was commissioned in August 2010. An incremental 44MW is planned to be completed and sold by the end of this year, bringing the total to 72MW.
“The successful sale of the first phases of the Montalto solar park is an important milestone for SunPower,” said Howard Wenger SunPower president. “The sale demonstrates our progress monetizing SunPower’s European power plant pipeline of more than 1,200MW that we acquired with the purchase of SunRay Energy in March 2010, and it helps validate our model of building and selling first-class solar power parks. Our expanding utility and power plant business provides us with strong revenue visibility in Europe, the Middle East and North America through 2014.”