AES Solar gets EUR-103m credit for 24 MW of PV projects in Italy

(ADPnews) - Dec 23, 2010 - AES Solar Energy, a joint venture of US power firm AES Corp (NYSE:AES) and private equity firm Riverstone Holdings, today said it has obtained a EUR-103-million (USD 134.5m) loan to finance 24 MW of solar projects in Italy.

AES Solar said that the long-term non-recourse credit facility is aimed at funding a portfolio of seven of its photovoltaic (PV) projects in Italy, named Il Terzo. The projects are located in the Lazio, Puglia and Sicilia regions and are currently under construction.

The loan was extended by Italian bank Dexia Crediop and French Societe Generale (EPA:GLE). It covers 85% of the project costs and is scheduled to mature 18 years after the plants start operations.

The Il Terzo plants are anticipated to become operational by the end of the first quarter of the coming year and to be eligible for a 20-year regulated feed-in tariff under Italy's Conto Energia scheme.

AES Solar said this was the third financing it closed in eight months.

AES Solar develops, owns and operates utility-scale PV solar plants with a total installed capacity of 37 MW in France, Greece and Spain.

(EUR 1 = USD 1.306)

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