Capital Dynamics buys 18-MW solar project in Italy

Solar Farm. Author: Michael Mees meesphotography.com License: Creative Commons, Attribution 2.0 Generic.

May 9 (Renewables Now) - Switzerland-based asset management firm Capital Dynamics announced on Friday that it has acquired an 18-MW shovel-ready and subsidy-free solar project in Sicily from Italy’s Solar Ventures Srl.

Construction work on the Cliff project is scheduled to commence this year and the park is expected to reach commercial operation in 2023. The photovoltaic (PV) scheme will be supported by a long-term power purchase agreement (PPA) with an unnamed offtaker.

Once the solar park is up and running, it should be able to produce about 37 GWh per year, enough to supply more than 5,000 households annually.

Law firm Norton Rose Fulbright advised Capital Dynamics on the deal, with JLL acting as financial advisor, PwC TLS assisting on the tax and accounting due diligence, and Everoze Partners Ltd serving as technical advisor.

At present, Capital Dynamics has renewable energy projects with 570 MWp of installed capacity in southern Europe, including 87.2 MWp in Italy.

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