Solea AG, together with Solea Capital GmbH (“Solea Capital”), completed the construction and the grid connection of five ground mounted photovoltaic plants near Bologna, Italy through its wholly owned Medicina special purpose vehicles.
The turnkey realization of the 4.5MWp was managed and structured by Solea Capital and sponsored and built in total by Solea through an EPC vendor financing structure amounting to €11.25 million.
Solea Capital identified, evaluated and executed the acquisition of the five Italian based pre-construction phase project development companies on behalf of Solea. By September 2011, the five SPVs were shovel-ready. Solea designed and constructed the five PV projects, installing 19,069 Jinko Solar crystalline based PV panels mounted to Solea’s own fix-tilt steel racking system. Nine SMA central inverters were installed.
Construction was finalized by November 2011 and the five plants were subsequently registered as fine lavori with the GSE on November the 29th; securing the installed capacity within GSE’s A-List. Enel installed their statutory electricity meters at all five plants and the 4.5MWp was officially connected to the national grid on December 30th, 2011.
“This project has highlighted Solea’s prowess in the PV sector as a true international turnkey service provider of utility scale PV solutions. As macro market uncertainty is forcing many of our competitors to scale back their international EPC activities, Solea is able to use its strong balance sheet and it’s superior merchant banking expertise through Solea Capital to realize speculative opportunities during these turbulent times”, commented Georg Sterner, CFO, Solea AG.
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