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REC Announces Construction of 24 MW Solar Power Plant in Italy

Solar power plant located in the Lazio region of Italy will use 100,000 REC modules

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

REC Systems, a business unit of REC, has developed and financed, and is now constructing together with ABB, a 24.2 MW solar power plant located in the Lazio region of Italy using 100,000 REC modules.

The project is the largest lease financing solution for a photovoltaic project in Italy. Organized in a special purpose vehicle company named Phenix Renewables SRL, it received all required authorizations in March, 2010. The future equity owners include CEF Energia B.V., a BNP Paribas Fund with a 70% stake, and MedEnergy Group with a 30% stake.

Construction of the power plant started immediately after financial close and will be managed by ABB and REC, who have formed a temporary EPC consortium. The installation, which will cover around 95 hectares, consists of more than 100,000 high performing REC Peak Energy modules. The plant will produce around 37 million kWh, equal to the energy consumption of around 14,000 families, and will offset 18,500 tons of CO2 per year.

“REC is pleased to work with BNP Paribas and ABB to realize this landmark project. Good collaboration with the banks throughout the development process made it possible to utilize an efficient financing solution,” said John Andersen Jr., executive vice president and group COO, REC.

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