Solar power producer Etrion Corporation has completed the Ruffano solar park in Puglia, Italy.
The ground-based solar PV power plant, which has a generating capacity of 1MW, uses SunPower’s modules and single axis tracker technology with Siemens inverters.
The Ruffano park is expected to generate over 1.7 million kWh of renewable electricity per year and benefits from the 2010 feed-in-tariff of EUR0.346 per kWh plus a market price of about EUR0.08 per kWh.
Etrion CEO Marco Northland said that the company continues to execute on its projects under construction and expect to exit the year with almost 50MW operational capacity.
Italian bank Centrobanca provided 83% of the financing for the power project with a 17.5-year, non-recourse loan.
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.