Isnt this one of DFE's contracts ?Note that the costs are about $34 million in C$ or about $8.5 million per MW...somewhat higher than we estimated for the recent German contract for similar 2.4 MW plant.
I recall that DFE was successful in securing such an Italian contract a few months back...............
5/2009 7:01:38 AM - Market Wire
TORONTO, ONTARIO, Nov 05, 2009 (MARKETWIRE via COMTEX News Network) --
Etrion Corporation ("Etrion" or the "Company") (TSX: ETX), a Canadian energy company, has closed the financing for the construction of four solar power plants in southern Italy with an aggregate capacity of four megawatts (MW). The ground-based solar photovoltaic power plants, once built, will generate approximately 6.8 million kilowatt hours (kWh) per year, enough electricity to power more than 650 homes.
The Company arranged the financing with Centrobanca, an Italian bank owned by the UBI Group. The total project cost is approximately EUR 20.7 million, and the non-recourse loan provided by Centrobanca is for EUR 17.2 million or 83% of the anticipated cost. Concurrent with the financing, a subsidiary of Etrion committed the balance of EUR 3.5 million.
Marco Northland, the Company's CEO, commented, "We are pleased to close the acquisition and financing of our first renewable energy project in Italy. We expect the solar power plants to be operational by the summer of 2010. This is the first of several initiatives we are developing in Europe and plan to realize in 2010 through a combination of co-development efforts and the acquisition of existing projects."
Construction of the first project is targeted to begin by the end of November 2009, and the Company's first electricity sales under the Italian feed-in-tariff regime are expected during the third quarter of 2010.
About the Company