SunEdison, a solar energy services provider and a subsidiary of MEMC Electronic Materials, announced that it has received the final milestone payment of 230 million Euros from First Reserve for the sale of a 70 megawatt (MW) photovoltaic (PV) power plant located in Northeast Italy, near the town of Rovigo.
As previously announced, the Rovigo solar power plant was acquired by First Reserve for approximately 276 million Euros, through a joint venture established between First Reserve and SunEdison. In October 2010, First Reserve made an initial milestone payment of 46 million Euros to SunEdison and on December 23, 2010 funded the final 230 million Euro milestone payment.
"The development and sale of the Rovigo power plant was a major achievement and defining moment for SunEdison in 2010," stated Carlos Domenech, President of SunEdison. "In less than ten months, we designed and developed one of the largest single operating solar power plants in Europe. In addition, we worked with project investors to develop the finance structures needed, reached out to local government agencies to understand their renewable energy goals and job creation needs, and brought the right people and technologies together to make this project a reality. The Rovigo project is a testament to the strength, experience and the talent that SunEdison offers."
The Rovigo solar plant is expected to create significant environmental benefits in addition to the construction and maintenance jobs that benefit the local community. In its first year of operation, the system is expected to generate enough energy to power approximately 16,500 homes and prevent the emission of 40,000 tons of CO2, which would equate to the removal of 8,000 cars from the road. SunEdison will manage the ongoing operations and maintenance of the 70MW power plant.