Sunpower completes Euro 44.5 million financing

SunPower have announced that financing of Euro 44.5 million, made up of a term loan of Euro 40 million and a short-term VAT facility of Euro 4.5 million, has been finalised for the second phase of the Montalto di Castro solar photovoltaic (PV) power park, the largest in Italy

SunPower have announced that financing of Euro 44.5 million, made up of a term loan of Euro 40 million and a short-term VAT facility of Euro 4.5 million, has been finalised for the second phase of the Montalto di Castro solar photovoltaic (PV) power park, the largest in Italy. With the first 24 megawatts (DC) of the park completed ahead of schedule at the end of 2009, this second phase includes an additional 8.8 megawatts (DC) that began construction in February and is expected to be complete in July. The entire 85-megawatt (DC) Montalto di Castro park, located approximately 100 kilometers north of Rome in the province of Viterbo (region of Lazio), is planned to be built and fully operational by the end of this year.

"The Montalto park is the first and largest solar project of its kind in Italy, and we are very pleased to have completed the financing on this second phase," said Dennis Arriola, SunPower CFO. "The demand for solar in Italy is strong today and growing because solar is a quickly installed, cost-competitive, reliable source of power. Financiers understand that these parks make good business sense while serving local communities with clean, renewable power."

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