SunRay Secures €120M for 24-MW Solar Project

SunRay has secured project financing for the construction of a 24-megawatt (MW) plant at Montalto di Castro, in the province of Viterbo, Italy. This is one of Italy’s largest photovoltaic power plants to date and SunRay intends to expand the site to 100 MW by the end of 2010.

Construction began on this project in February and the first phase of will be connected to the grid by the end of 2009. The project financing was signed on September 17 and financial close occurred on September 24, 2009 for an amount of €120 million [US $176 million]. The borrower is Cassiopea PV S.r.l., a wholly owned subsidiary of SunRay Italy Holding S.r.l.

The lending banks are Banca Infrastrutture Innovazione e Sviluppo, Societe Generale and WestLB AG. The project structure includes the co-sharing of the substation (owner’s side) with other project companies within the Sunray group.

“We are enormously pleased that the first phase of this big PV plant in Montalto will be connected soon” said Mayor of Montalto di Castro Salvatore Carai. “This plant will significantly contribute to the reduction of pollutant emissions, thereby improving environmental quality at both local and national level. We have created hundreds of jobs which have brought significant social, cultural and tourism benefits to the entire community.”

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