First Reserve gave SunEdison the final milestone payment of €230 million for the 70MW Rovigo solar power plant located in the northeast region of Italy and near the town of Rovigo. First Reserve obtained the Rovigo plant for €276 million through a joint venture with SunEdison. The first milestone payment of €46 million was paid to SunEdison in October 2010, with the final payment produced on December 23.
“The development and sale of the Rovigo power plant was a major achievement and defining moment for SunEdison in 2010,” stated Carlos Domenech, president of SunEdison. “In less than ten months, we designed and developed one of the largest single operating solar power plants in Europe. In addition, we worked with project investors to develop the finance structures needed, reached out to local government agencies to understand their renewable energy goals and job creation needs, and brought the right people and technologies together to make this project a reality. The Rovigo project is a testament to the strength, experience and the talent that SunEdison offers.”
SunEdison has agreed to continue managing the operations and maintenance of the power plant.