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Etrion Corporation, a Canadian energy company, has closed the financing for the construction of four solar power plants in southern Italy with an aggregate capacity of 4 megawatts (MW). The ground-based solar photovoltaic power plants, once built, will generate approximately 6.8 million kilowatt hours (kWh) per year.
Etrion said that construction of the first project is targeted to begin by the end of November 2009.
The company arranged the financing with Centrobanca, an Italian bank owned by the UBI Group. The total project cost is approximately €20.7 million, and the non-recourse loan provided by Centrobanca is for €17.2 million or 83% of the anticipated cost. Concurrent with the financing, a subsidiary of Etrion committed the balance of €3.5 million.
Etrion said that 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.
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