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Italy: Banks loan €110 million for 5 PV projects

A consortium of banks have provided €110 million in financing for five photovoltaic projects worth 30.4 megawatts (MW) in Italy.

Deutsche Bank is one of three banks which have provided funds for the photovoltaic projects. Image: Deutsche Bank.

Comprised of Deutsche Bank, Helaba Landesbank Hessen-Thüringen and KfW IPEX-Bank, the consortium has made the funds available in the form of loans, which have reportedly been structured from the financing program for renewable energies and incorporate low-interest-rate funding instruments.

A total of €180 million was invested into the project. According to a statement released by Deutsche Bank, equity capital was supplied by KGAL, which initiated funding of the plants, via two closed-end funds.

Broken down, the 30.4 MW encompasses: the 3.594 MW Piazza Armerina and 5.266 MW Troina projects, located in Sicily’s center; and the 5.535 MW Carlino 1, 9.915 MW Carlino 2 and 6.086 Carlino 3 plants, located in the Udine province’s Friaul-Julisch Venetien region.

Overall, the installations cover an area of 129 hectares and are fitted out with 145,000 polycrystalline photovoltaic modules. Together the plants are said to generate 47 million kilowatt hours of energy; enough to supply 10,500 four-person households.

a+f Italia S.r.l. and a+f GmbH, subsidiaries of Gildemeister, acted as the contractors for construction, and are responsible for the plants’ operation and maintenance.

The statement added that all five projects were grid connected in April, meaning they will receive the feed-in tariffs from Italy’s Conto Energia 2 and Conto Energia 3.