SunEdison has received the final payment of EUR230m from First Reserve for the sale of a 70MW photovoltaic power plant located near the town of Rovigo in northeast Italy.

Previously, First Reserve has acquired the Rovigo solar power plant for approximately EUR276m, through a joint venture established between First Reserve and SunEdison.

In October 2010, First Reserve made an initial payment of EUR46m to SunEdison and on 23 December 2010 funded the final EUR230m payment.

SunEdison said that the Rovigo solar project is expected to create environmental benefits.

In its first year of operation, the system is expected to generate enough energy to power approximately 16,500 homes and prevent the emission of 40,000 tons of CO2, according to the company.

The ongoing operations and maintenance of the power plant will be managed by SunEdison.