European Energy to Sell 68-MW Italian PV Project to Generali JV

Danish renewables developer European Energy A/S has agreed to sell a 68-MW solar project in the Italian region of Sicily to a local greenfield infrastructure investor backed by the asset management unit of Assicurazioni Generali SpA (BIT:G).

Under the arrangement, the ownership of the special purpose vehicle behind the specific project will be transferred to Sosteneo SGR SpA, providing it with the development rights to the scheme. Financial details about the deal were not available in the vendor’s press statement on Tuesday.

The photovoltaic (PV) project currently held by Ramacca Energia srl envisages the construction of a power generation plant in the commune of Ramacca. It will span over 135 acres and will be equipped with solar tracking technology. Once in operation, the solar farm will generate some 127 GWh of electricity annually, or enough to cover the consumption of 42,000 homes.

Sosteneo SGR was set up in September as a joint venture between Generali Investments Holding and industry experts. The entity was created to offer low-risk equity financing for greenfield infrastructure projects.

Solar park in Italy. Image by: European Energy A/S.