Platina acquires 10 MW of Italian PV projects

The ten one MW plants are located in the Puglia region of southern. The first was connected to the grid in November, while the rest are expected to be connected by the end of the year.

The company explains that the PV projects represent the first operational plants it has bought in Italy. This it says, supports an investment strategy focused on assembly of a portfolios of operational renewable electricity generation projects across Europe.

According to Platina, the Degennaro Group developed the projects, is the Engineering, Procurement and Construction contractor, and will be the Operations and Maintenance contractor for the plants.

Joseph Muthu, partner of Platina Partners, commented: "We have been seeking the right opportunity to invest in Italy and see it as one of the key European solar markets. Italy has now surpassed the U.S. in terms of solar PV installation and this growth has been driven by an excellent support regime. In Puglia, there are plenty of PV projects with planning consent, but no grid connection. Clearly this investment in operational plant does not suffer from this bottleneck."

Following this investment – the company’s 12th from the European Renewable Energy Fund, which it closed this March – Platina says its portfolio includes 162 MW of renewable energy projects in operation, including 31 MW operational PV projects, a further 82 MW in construction and over 400 MW of projects in development.

It adds that it continues to consider European investment opportunities for the remaining uncommitted funds.