AES Solar, a joint venture between AES Corp and Riverstone Holdings, has closed on EUR103m financing for a 24MW portfolio of solar photovoltaic (PV) projects in Italy.

Dexia Crediop (as agent) and Societe Generale participated in this financing, which covers about 85% of estimated project costs with a final maturity date of 18 years post construction.

The portfolio of the PV projects, named Il Terzo, comprises seven power plants that are expected to begin commercial operation by the end of the first quarter of 2011.

The solar plants are located throughout the Lazio, Puglia and Sicilia regions of Italy.

According to the company, the projects will qualify a 20-year regulated feed-in tariff under the Conto Energia scheme.

The Italian feed-in-tariff is a premium purchase price for solar energy that is guaranteed by the Italian government for 20 years from the commencement of operations.