REC Systems and ABB have closed financing and begun construction of a 24.2MW solar power plant in Lazio, Italy. Authorisation for the 95-hectare project was granted in March 2010 and, when completed, the system’s 100,000 REC modules will generate around 37 million kWh of electricity a year.
Funding for the system, which is Italy’s largest lease-financed development, is coming from Unicredit Leasing, Leasint and BNP Paribas Leasing Solutions. And, with 70% and 30% stakes respectively, the BNP Paribas-backed CEF Energia and MedEnergy Group will be the Lazio site’s future equity owners.
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“REC is pleased to work with BNP Paribas and ABB to realise this landmark project. Good collaboration with the banks throughout the development process made it possible to utilise an efficient financing solution,” said John Andersen Junior, REC's executive vice president and group COO.