Solar 21 acquires another Italian solar park

25/03/2013 10:00 Renewable

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Solar 21 Renewable Energy Ireland Ltd, a Dublin-based investment firm has acquired another Italian solar park, bringing to seven the number of solar parks that the Irish company holds in Italy, after it has acquired another six solar projects which were owned by AEG Power Solutions, in November last year.

For the new project the Irish company has paid about 13 million euro as investors seek to benefit from European support for the technology. The 3.5MW Borgo Montello solar park is sited in Lazio, west central Italy. Solar 21 plans to invest in €1bn worth of assets and has aimed to raise a maximum of €100m in equity. The Irish company is seeking to benefit from efforts by European nations to spur renewable energy with premium prices under long-term contracts. Solar 21 is also in negotiations to buy another 12 megawatts with a value of over 45 million euro. It has built up a fund of over €100million from Irish investors to invest in photovoltaic solar farms across Europe. As well as Italy, Solar 21 is active in Germany right now.

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