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US solar firm buys Italian solar facility

Prime Sun Power will purchase a 25 MW solar electric plant in Italy.

Construction will begin this summer, with the first sale of green power from the solar facility under Italy’s feed-in tariff to start before the end of the year. The transaction is the first sale under an agreement to sell 100 MW of solar projects on a turnkey grid-connected basis to an institutional investor.

Terms and conditions of the long-term debt by the financing institution will be final this month.

Prime Sun Power is positioning itself as a renewable energy utility company with an emphasis on the development, construction and operation of its own and third party utility-scale solar PV power plants. The New York-based company is focusing on solar power generation in Europe, particularly in Italy, Greece and Turkey.

Plans for 500 MW of solar

It plans to develop, build and operate 500 MW of solar power generation by the end of 2013, of which 150 MW are expected to be acquired by third party investors. Revenues generated from the sale of solar projects to third parties will be used to develop and construct its own solar power plants.

Prime Solar Power has several engineering, procurement and construction contractors and suppliers of solar photovoltaic (PV) array modules bidding for the construction, installation and connection of the power plant, it notes.

The company says it will generate gross revenues of €100 million this year. It receives interest for €12m of strategic investments from module suppliers.

“We have commenced the phase for monetisation of our business model in the photovoltaic sector,” says CEO Olivier de Vergnies. “The success of signing our first 25 MW photovoltaic sales contract not only exhibits the effectiveness of our strategy, but also demonstrates our company project development capabilities and delivery of value to our shareholders.”

Subsidiary planned for Switzerland

The company is in discussion with financiers for possible financing to sustain its expansion plan. It plans to establish a wholly-owned subsidiary in Switzerland, PSP Europe AG, which will own the company’s European assets and manage operations.

“Our goals in the photovoltaic sector may be ambitious but they are achievable with the right partners,” adds de Vergnies. “Through our close cooperation with local industry and government, we are obtaining ideal sites within several regions for the production of electricity using PV technology.”

“Prime Sun Power is convinced that the solar sector will gain great importance in Europe, not only as a technology but also as a key element of a clean energy solution in the near future,” he says. “We intend to participate actively in that development.”

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