Solar power producer Etrion has acquired the 33MW Montalto di Castrosolar power plant in Italy from US based SunPower.
The total cash consideration for the power plant was approximately €49m plus the assumption of the related non-recourse loan facilities.
The plant is expected to produce over 55 million kWh of electricity and approximately €22m of earnings before interest, taxes, depreciation and amortization (EBITDA) per year.
The acquisition consists of two ground-based solar PV projects located on the same site in the Lazio region, and the first 24MW project was connected to the grid in November 2009 while the second 9MW project was connected to the grid in August 2010.
The first project benefits from the 2009 feed-in-tariff of €0.353 per kWh plus a market price of approximately €0.08 per kWh, while the second project benefits from the 2010 feed-in-tariff of €0.346 per kWh plus a market price of approximately €0.08 per kWh.