Expected to generate 64 million kilowatt hours of energy annually, it is the largest project to be completed by the German solar company. Spread across 150 hectares in the Venice region, the plant is comprised of over 200,000 photovoltaic modules.
Commenting, CEO Karl Kuhlmann said that the company increased the pace of construction in order to meet Italys new Conto Energia FIT deadline.
"We sped up the project because of the changed legal situation in Italy. It was originally scheduled for completion at the end of 2011," he explained. Consequently, the project will receive a tariff of 25.6 euro cents per kilowatt hour.
Under Italys new solar incentive rules, ground-mounted systems larger than 200 kilowatts peak have to be registered with the GSE in order to receive the FIT from September 1. There is also a 1.2 gigawatt cap on this segment, which came into play in the second half of 2011. However, plants which were grid connected by August 31 are directly entitled to the FIT.
Meanwhile, in a statement, S.A.G. says it expects to complete the sales process in the fourth quarter of this year.
"The sales process of such a large project incurs considerable administrative costs. But we are on schedule in this respect and expect to receive the financial benefits of this project in the fourth quarter," added Kuhlmann.
"The timely completion of this plant re-confirms our 2011 forecast of sales between EUR 260 million to 280 million and EBIT of 16 million to 18 million, despite the German market losing a lot of momentum."