ForVEI buys two solar farms in Italy

Turin, Italy, November 14, 2011 – The investment company ForVEI, has acquired another two solar photovoltaic facilities for 7.93 MW developed by OPDE Group in the Italian region of Piedmont. The transaction, financed by Intesa Sanpaolo SpA, amounted to $45 million.

The farms, which are fully operational, are located in Tortona (6.19 MW) and Predosa (1.74 MW). They feature Trina and Canadian Solar modules, SMA inverters, and Mescasolar single-axis solar trackers.

The operation is the second stage of a larger agreement worth $120 million between OPDE and ForVEI, since the investor had already bought three solar facilities from OPDE Group in Tortona and Alessandria for $75 million.

The transaction, which was closed in September this year and financed by Intesa Sanpaolo SpA, was the largest lease deal signed with a single Italian bank for investment in solar assets. Together, the three solar projects sold previously to ForVEI had a power of 13.2 MW, and the five solar farms acquired by the investment company total 21.3 MW.

OPDE sources said both transactions consolidated OPDE’s presence in Italy, where the group started developing another three solar PV projects totaling 10.5 MW in Q4 this year. They comprise new solar farms in Pozzolo Formigaro (4.1 MW), Sale in Piedmont (1.7 MW), and Pontestura (4.66 MW). To these we should add the development of a solar plant in Ablitas, Navarra, in Spain, for a total power of 8.8 MW, which began in September.

According to OPDE sources, the company is in contact with many clients and investment funds, both in Europe and in North America, for the sale of photovoltaic solar plants.

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