The total project cost is about EUR20.7 million, and the non-recourse loan provided by Centrobanca is for EUR17.2 million or 83% of the anticipated cost. Concurrent with the financing, a subsidiary of Etrion committed the balance of EUR3.5 million.
Etrion Chief Executive Officer Marco Northland commented, “We are pleased to close the acquisition and financing of our first renewable energy project in Italy. We expect the solar power plants to be operational by the summer of 2010. This is the first of several initiatives we are developing in Europe and plan to realize in 2010 through a combination of co-development efforts and the acquisition of existing projects.”
Construction of the first project is targeted to begin by the end of November 2009, and the company’s first electricity sales under the Italian feed-in-tariff regime are expected during the third quarter of 2010.
