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SunPower to expand Italian solar power park

SunPower Corp has securing €44.5 million in financing to expand the Montalto di Castro solar photovoltaic (PV) power plant in Italy.

The first 24 MW (DC) were completed ahead of schedule at the end of 2009. This second phase of the solar PV plant includes an additional 8.8 MW that began construction. It is expected to be complete in July.

The full 85 MW Montalto di Castro solar PV plant approximately 100 km north of Rome, is planned to be built and fully operational by the end of 2010.

"The Montalto park is the first and largest solar project of its kind in Italy, and we are very pleased to have completed the financing on this second phase," says Dennis Arriola, SunPower CFO.

"The demand for solar in Italy is strong today and growing, because solar is a quickly installed, cost-competitive, reliable source of power. Financiers understand that these parks make good business sense while serving local communities with clean, renewable power."

The sole lending bank for the second phase of the project is Barclays Bank PLC, which is acting as mandated lead arranger, agent and account bank.

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