Italian PPA-linked solar portfolio sold

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Netherlands-based independent power producer Sonnedix has agreed to buy five PV plants with a combined generation capacity of 17.7 MW in Sicily, southern Italy, from a joint venture formed by Chinese-Canadian module manufacturer Canadian Solar and Italy’s Manni Energy.

The financial terms of the deal were not disclosed.

Annual power production from the five facilities, all located in the province of Agrigento, is estimated at around 34 GWh.

The plants were commissioned last month and are selling power under a 10-year power purchase agreement (PPA) signed by German clean energy provider TrailStone Renewables GmbH. The off-taker is part of the Trailstone gas, power and commodities trading group owned by New York-based private equity house Riverstone Holdings. The power supply deal was sealed at the end of 2018. At the time, Canadian Solar and Verona-based Manni Energy said the plants would have begun commercial operations in the third quarter of last year.

Longest deal

Canadian Solar said the PPA related to the five solar parks covers all of the generated energy and is the longest term negotiated for such a deal for operational facilities in Italy to date.

Last week, the Ontario-based solar manufacturer secured financing for 12 unsubsidized solar projects it wants to develop across Italy in Sicily, Apulia and Lazio.

London-based Octopus Energy operates four solar plants in Montalto di Castro, in the Lazio region of central Italy, which have a two-year PPA to supply energy to Genovese electricity trader Ego. The plants, which have a combined generation capacity of 66 MW, were commissioned in March 2018.