Recetto Energia announces the grid connection of a 2.8 MW building-integrated photovoltaic power plant in northern Italy
zouk Solar Opportunities Ltd (“zSOL”) and NextEnergy Capital (“NEC”) have completed a 2.8 MW solar photovoltaic (“PV”) power plant in Recetto, Novara. The €14 million power plant, constructed by TerniEnergia, was inaugurated on 24 October in a ceremony involving the local authorities and the plant’s investors.
Recetto Energia, a special-purpose company managed by zSOL and NEC, has completed the construction and grid-connection of a 2.8 MW building-integrated solar PV power plant by the Sesia Water Sports Centre, near Recetto in the Province of Novara, Italy.
The PV panels are integrated into the shading structures of a 48,000 square metre car park with the capacity for 1,140 cars. The plant was constructed in four months; a record time for a project of this type and scale. Fully operational, the plant is expected to have an annual electricity production of 3,200 MWh, meeting the needs of 1,100 houses and offsetting 1,700 tonnes of carbon emissions per year.
The project was sponsored by zSOL, which is managed by zouk ventures ltd (“zouk”), as majority shareholder. NEC Group subsidiaries managed the development, construction, supervision and financing of the project. A project finance debt facility of €12 million was provided by Centrobanca, the investment bank arm of UBI Banking Group. The EPC contractor was Terni Energia, a listed Italian company which specialises in the design, construction and operation of solar photovoltaic systems, using Sunpower panels and PowerOne inverters.
Colin Campbell, Partner of zouk said, “The speed of construction and connection of Recetto is the pace which we aspire to in the execution of our solar projects. Italy is a great region to be investing in at the moment, offering a combination of knowledge, local support and expertise which enables investors like zSOL build out quality projects like Recetto Energia. Indeed, by the end of the year, we expect zSOL to have an operational portfolio of 17 MW of solar PV plants in the country and a larger still construction pipeline.”
Christian Rossi, the Principal at NEC, said, “The success of this project can be attributed to the collaboration between NEC, zSOL and the Recetto authorities. Together we have built a strong working relationship which will help the development of further renewable energy projects in the region. This partnership model is a distinctive approach to development and we look forward to expanding our offering to other local authorities and providing their regions with the associated economic benefits of renewable power.”
Enrico Bertone, Mayor of Recetto added, “The municipality of Recetto has reached an exciting milestone with the installation of this solar project. The scale and design of the plant are like nothing which has been before in the region; it really demonstrates our commitment to the local development of a low carbon economy built on clean energy. I am proud to see such effective execution of a project which will not only reduce our dependence on polluting sources of energy, but will also generate a strong revenue stream for the local community.”