December 9 (Renewables Now) - Octopus Renewables, part of UK-based Octopus Group, has put on stream a 70-MW portfolio of solar parks in Italy that were built without using any state subsidies.
The specific portfolio includes seven photovoltaic (PV) plants near Cagliari, Sardinia’s capital and largest city, Octopus said last week. Mounted on single-axis trackers the solar panels will be able to generate enough electricity to meet the power demand of around one-fifth of Cagliari’s homes.
Octopus-managed funds are the owners of the PV parks, built by Italian engineering, procurement and construction (EPC) contractor Comal Impianti. The latter used solar panels by China’s BYD Company Ltd (HKG:1211) and inverters by Germany’s SMA Solar Technology AG (ETR:S92). The power plants will operate under power purchase agreements (PPAs) that were signed last year and will expire in 2023.
“Subsidy-free solar is still in its infancy in Italy, so this is another significant step forward in their transition to a future powered by renewable energy,” commented Sara Grottola, commercial asset manager at Octopus Renewables.
Octopus Renewables currently manages renewable energy assets with a combined capacity of over 2.5 GW.