Etrion finalises Nettuno solar power project in Italy

Aug 22, 2011 - Swiss-based solar energy company Etrion Corp (TSE:ETX, STO:ETX) said today it had completed the 2.6 MW Nettuno solar park in Lazio, western-central Italy, ahead of schedule.

Nettuno, a ground-based solar photovoltaic (PV) power plant, is expected to produce more than 3.5 million kWh of electricity a year and to generate annual earnings before interest, tax, depreciation and amortisation (EBITDA) of some EUR 1 million (USD 1.4m).

The project is expected to benefit from the feed-in-tariff (FiT) of EUR 0.25 per kWh, guaranteed by the Italian government for 20 years from the start of operations, plus a market price of some EUR 0.08 per kWh, Etrion said.

More than 84% of the financing for the Nettuno solar park has been secured via an 18-year nonrecourse loan.

Etrion expects to finish two more solar parks shortly.

(EUR 1.0 = USD 1.436)

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