The financing – an 18 year non-recourse senior loan – was arranged through Natixis, WestLB and Mediocreval and is worth approximately 57 million.
It will finance both the companys 3.5 MW Borgo Piave and 1.7 MW Rio Martino parks, which were built by Phoenix Solar and are expected to be operational shortly, in addition to its Brindisi and Mesagne five MW parks, which are currently under construction with SunPower and are scheduled to be operational by the third quarter of next year.
Overall, the four ground-mounted PV plants are expected to produce around 24 million kilowatt hours (kWh) of electricity annually, and more than 8 million per year in earnings before interest, taxes, depreciation and amortization (EBITDA).
Marco Northland, Etrions CEO, commented: "This financing demonstrates the continued availability of long-term, non-recourse loans and the attractive fundamentals of solar power projects in Italy. Etrion now has a fully-funded portfolio of 40 MWs in operation and 18 MWs under construction. We expect to exit 2010 with almost 50 MWs in operation and a project-level EBITDA run rate of approximately 30 million per year."