Etrion and Phoenix Solar have announced a new agreement to build a 2.6 MW solar power plant near Nettuno in the Lazio region of Italy. Etrion will own the power plant, and Phoenix Solar will design, construct and provide operations and maintenance services for the park.
Marco Northland, Etrion's CEO, commented, "We are pleased to contract Phoenix Solar to build another solar power plant in Italy. The 2.6 MW solar park in Nettuno is part of our internal development portfolio and once again demonstrates our Italian team's development capability."
The Nettuno solar plant will use Trina modules with crystalline, fixed-tilt technology and SMA inverters. Construction is expected to be completed by August 31, 2011.
The first electricity sales from the project under the Italian feed-in-tariff regime are expected during the fourth quarter of 2011. The Italian feed-in-tariff guarantees the purchase price for solar electricity by the Italian government for 20 years from the start of operations.
The Nettuno park is expected to receive a feed-in-tariff of euros 0.25 per kilowatt-hour (kWh) plus the market price of approximately euros 0.08 per kWh.
The 2.6 MW project is expected to produce 3.5 million kWh of electricity and approximately euros 900,000 of earnings to Etrion before interest, taxes, depreciation and amortization (EBITDA) per year.
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