California, United States [RenewableEnergyWorld.com] More consolidation took place in the solar industry this week. Premier Power Renewable Energy Inc. has entered into Italy, one of the the hottest solar markets in Europe, with the acquisition of Arco Energy, and it’s pipeline of 20 megawatts of permitted projects worth approximately US $114 million in potential revenue.
The company expects the new Italian projects to begin generating revenue growth for Premier Power in the second half of this year. The acquisition of Arco Energy gives Premier Power access to arguably the world’s fastest growing solar power market today. With an aggressive feed-in tariff program and ideal solar power conditions, Italy’s solar market is expected to grow to 3,000 megawatts by 2016, up from 325 megawatts in 2008.
“While many European developers talk about projects in Italy, Arco Energy has proven it has the local market knowledge and expertise in this emerging market necessary to execute. Arco has installed projects in both the Northern and Southern regions of Italy, as well as the highly coveted Sicilian market; this cross region success is virtually unprecedented for an Italian solar company. The company’s local market knowledge is critical to mastering the permitting and grid connection process, two tasks many of Arco’s larger competitors have struggled to accomplish,” said Miguel de Anquin, COO of Premier Power.
Genesis Capital was the advisor to the transaction, and conducted extensive market and regional due diligence on behalf of Premier Power prior to the transaction.