SunEdison, a solar energy services provider, has sold a 70MW photovoltaic (PV) power plant located in northeast Italy, near the town of Rovigo, to First Reserve Energy.

SunEdison and Banco Santander jointly developed and co-owned the Rovigo plant prior to this sale, which is expected to be completed in the fourth quarter of 2010.

The Rovigo plant was acquired by First Reserve through a joint venture established between First Reserve and SunEdison.

The total price for the sale is expected to be approximately €276m, and as part of the project acquisition, First Reserve has made an initial payment of €46m to SunEdison.

After the sale, SunEdison will manage the ongoing operations and maintenance of the Rovigo power plant.