AES Solar Energy Secures €31 million for Financing Torchiarolo Solar Plant in Italy

AES Solar Energy Ltd., a joint venture of Riverstone Holdings LLC and AES Corporation, has announced that one among its subsidiaries has closed €31 million in non-recourse, long-term financing facilities for financing the building of the Torchiarolo solar photovoltaic (PV) facility with 8 MW capacity situated in the region of Puglia in Italy.

Centrobanca - Banca di Credito Finanziario e Mobiliare and UniCredit Mediocredito Centrale were the two banks that took part in this financing. The facilities cover around 85% of expected project expenses at completion.

The Torchiarolo project is likely to commence commercial operations by the close of 2010. This should qualify the project for a regulated feed-in tariff spanning 20 years as per the “Conto Energia” scheme. The project is currently being constructed by Global Energy Services.

Currently, AES Solar Energy has 37 MW in worldwide operating portfolio in Spain, Greece and France. The addition of this new project in Italy will take the company’s projects under construction capacity to 51 MW. By the close of 2010, the company is likely to have 88 MW capacity in operation.


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