Element Power Solar expands its global operations with new plant in Italy

Element Power Solar inaugurated a new photovoltaic plant in Sicily effectively expanding its global presence with a new plant in Italy. The plant is ground mounted and located near Gela, in the sunniest part of the island and with extraordinary conditions of solar irradiation: the new plant will generate energy in excess of 1570 equivalent hours of production per year as well as avoiding the atmospheric emission of approximately 3,815.1 tons of CO2 per year.

Element Power Solar will manage and operate the power plant and has successfully closed a lease-and-sale-back agreement with a primary Italian clean energy projects lender.

Quote: “This project is leveraged on Element Power Solar’s international expertise in selecting project sites and market conditions with high potentials, and in quickly executing construction of utility sized solar power plants”- said Ivan Furones, Chief Development Officer, of Element Power Solar.

Element Power Solar, through its subsidiary Officine Solari Piano Corallo srl, was awarded by the GSE (Italian electrical system operator) a 20 year incentive of 346 €/MWh in addition to the value of electricity sold at energy pool price by the 4.5MW fixed tilt solar power plant. Overall the agreement allows Element Power Solar to generate in excess of €3M per year ($4.2 million) in revenues, confirming the excellent economic performance of Element Power Solar investments in Europe; in Italy Element Power Solar has 19MW in advanced stage of development that could start generating electricity by 1Q2012.

 

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