The Navarra company RÍOS Renovables Group, has concluded the sale of 8.6 MW of installed capacity of photovoltaic parks in Italy to a major Lombard investment fund specializing in renewable energy. The operation was recently closed and brings 32 million euros to the group. The 8.6 MW are composed of four projects: 1.8 MW in Piozzo (Cuneo), 1 MW in Sezze (Latina) and two projects in Cerchio (L”Aquila) of 4 and 1.8 MW, respectively. The power that has been sold by the Navarra company is equivalent to the annual residential consumption of a population of approximately 8,600 people.
The four solar parks were entirely developed and built by Rios Renovables Group and connected to the grid in 2011. All of them are financed by the bank Banca Monte dei Paschi di Siena.
After a year in operation, the production results obtained by the photovoltaic plants are optimal and those responsible of the Lombard investment fund have expressed satisfaction with the power output levels, which has enabled to complete the sale agreement.
After the sale, RÍOS Renovables will continue to provide Operation and Maintenance (O & M) services of the four parks, over the 20-year period of the tariff concession.
15.3 MW sold in two years
The agreement of sale adds to that carried out last year to a Italian-Canadian investment fund and accumulates 15.3 MW of power sold by the RÍOS Renovables group in Italy, out of the total 25 MW built by the company in 2010 and 2011. This represents cumulative sales of 56 million euros to investment funds. The remaining 9.7 MW stay under RÍOS Renovables group ownership.
The company continues to operate in Italy in the construction of photovoltaic plants, with several projects in the pipeline, both ground and rooftop based. Furthermore, it continues carrying out O & M works in various plants of the transalpine country.