Ragusa, Sicily Ragusa 1’s completion will now be financed by TEP Solar and overseen by the company along with the Solarinvest, the Austrian firm that has developed the plant, with an aim of catching the 2010 feed-in tariff of €0.346 per kWh for 20 years.
“We are excited to have found a strong investor for our Ragusa 1 project,” said Rainer Goeritz, managing director of Solarinvest. “This is a landmark transaction for the Sicilian solar PV market.”
Italy’s generous incentives for new PV capacity are set to be slashed by up to 30% next year and by 6% a year in 2012 and 2013. New solar capacity in Italy is forecast to total 1,000 MW a year between 2010 and 2013.
Ragusa 1, described by its owner as one of Sicily’s largest PV plants, features thin film modules from First Solar Inc.
TEP Solar’s agreement with Solarinvest was concluded on 17 September with Deutsche Bank acting as equity arranger.