Capital Dynamics acquires 18MW Italian PV plant

• Shovel-ready Project Cliff growth in Sicily has actually been purchased from Solar Ventures

Capital Dynamics' clean power organization has actually obtained from Solar Ventures the shovel-ready 18MW Project Cliff solar farm in Sicily, Italy, for a concealed price.

Building will begin this year and the project is expected to get to commercial operations in 2023.

Project Cliff will be supported by a long-lasting power purchase contract and, once operational, is approximated to be able to create about 37 gigawatt-hours of power a year.

Neighborhood service providers will join Project Cliff's building and functional stages, Capital Dynamics said.

Capital Dynamics co-head Dario Bertagna stated: "We are thrilled to be partnering with Solar Ventures on Project Cliff, which will certainly give economical, subsidy-free renewable energy to southern Italy.

" As one of the most eye-catching areas for reliable, solar energy generation, Italy is distinctively positioned to assist lead Europe's shift to renewable energy sources.

" We see substantial possibility for additional solar PV projects in Italy and anticipate supporting this change via our financial investment as well as monitoring knowledge."

Solar Ventures chairman and chief executive Michele Appendino claimed: "Renewable sources represent the future of the energy industry, as well as we are delighted that Capital Dynamics shares this vision.

" Via this brand-new partnership, we want to improve the building and construction of clean energy projects as well as please the expanding demand for sustainability from investors as well as citizens."

Law practice Norton Rose Fulbright acted as lawful advise to Capital Dynamics on the acquisition, while JLL served as monetary consultant, PwC TLS assisted on the tax and accountancy due diligence, as well as Everoze Partners worked as technological consultant.