When completed in the fourth quarter of this year, says the company, it is expected to be the largest operating solar power plant in Europe. In its first year of operation, it is hoped the system will generate enough energy to power approximately 16,500 homes and prevent the emission of 40,000 tons of carbon dioxide.
SunEdison and Banco Santander jointly developed and co-owned the plant prior to this sale. It was acquired by First Reserve, through the previously announced joint venture established between First Reserve Energy and SunEdison. SunEdison is a minority investor in the joint venture.
Investment programs managed by Partners Group AG and Perennius Capital Partners SGR are also expected to co-invest in the project with the First Reserve joint venture.
??As part of the project acquisition, First Reserve has reportedly made an initial payment of 46 million to SunEdison, with the balance to be paid upon interconnection of the plant, which is expected to occur by the end of the fourth quarter of this year.
The company also expects to close the long-term project debt financing for the project in the fourth quarter of this year and said it has obtained commitment letters from certain, unnamed leading project finance banks with respect to the financing.
After the sale, SunEdison will manage the ongoing operations and maintenance of the Rovigo plant. ??
Commenting on the transaction, Carlos Domenech, president of SunEdison, said: "This transaction demonstrates SunEdison’s capabilities in developing large-scale solar projects, working with investors to design and implement project finance structures, supporting government agencies in obtaining renewable energy goals and creating green energy jobs." ??