AES Solar’s Terzo Project Achieves Financing Deal

AES Solar has declared that one of its subsidiary companies has achieved a €103 Million finance deal for a 24 MW solar PV project, the Il Terzo located all through the Sicilia, Puglia and Lazio regions of Italy.

According to David Sundstrom, Manager of AES Solar, the financing for this project was a highly challenging proposition as the project was a multi-project financing spread over seven Italian projects, which were in different stages of construction. AES Solar’s capabilities in project financing have been validated by the closure of the third financing deal in Italy within a period of eight months.

The Dexia Crediop and the Société Générale were the two banks that provided the finance, covering almost 85% of the likely costs with the final maturity date being given as 18 years after construction. The Il Terzo comprising seven plants is to start commercial operations by the end of the first quarter of 2011 and would then be eligible for a 20 year fixed feed-in-tariff as per the Conto Energia Scheme.

AES Solar has a total capacity of 37 MW in projects in countries such as Spain, Greece and France and with the addition of the Il Terzo, the tally goes up to 135 MW capacities either under construction or completed. It is a joint venture operation between Riverstone Holdings and the AES Corporation, created for the development of utility scale PV Solar plants globally.


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