October 14 (Renewables Now) - Italy’s Solar Ventures Srl has joined hands with private equity investor Zouk Capital to develop and build subsidy-free photovoltaic (PV) parks in Italy, starting with an initial 120-MWp portfolio.
Solar Ventures, an independent solar power producer and project developer, said last week the projects are currently in the mid-development stage. They will be financed by the two investors and will not rely on feed-in tariffs (FiTs) or other government incentive mechanisms.
Once completed, the solar power plants will generate revenue by selling their output under long-term power purchase agreements (PPAs).
"We are currently observing a shift in the renewable energy and solar sectors away from state subsidies into a truly commercial and subsidy-free future," said Massimo Resta, Partner at Zouk Capital. He added that developing zero-subsidy renewables projects is expected to become one of the major trends in the European power market in the years to come.
The partnership deal was signed with the assistance of Legance and RINA, as Zouk Capital’s legal and technical advisers, while ARMON Capital Advisory was Solar Ventures’ financial counsel.