Sonnedix announces completion of financial closing of a 4.28MW Solar PV Plant in Ottobiano, Italy on 23 May, 2011

Sonnedix announced the completion of the financial closing for the acquisition of a 4.28MW solar operating plant in Ottobiano, Italy. The plant has been in operation since 2009, and utilizes First Solar photovoltaic panels. It will be operated by Assyce Fotovoltaica SL, a leader in building and operating solar PV plants. Financing for the acquisition was provided to Sonnedix Italia by Mediocredito Italiano S.p.A. Bank on a non recourse basis.

Andreas Mustad, Sonnedix CEO, said: “This financing complements our growth strategy in Europe. We are pleased to have as our partners in this project both Mediocredito Italiano and Assyce Fotovoltaica”. He added: “In addition to generating renewable solar power, the Ottobiano plant displaces 2,381 tons of carbon per year; and thus provides a substantial benefit to the people in and around Pavia and Milano. The plant is able to off set the carbon discharge of the equivalent of 8.5 million motor vehicle kilometers a year or the pollution produced by over 400 cars. In our view, as a result, Ottobiano will continue to make a significant contribution to improving the local environment in this region of Italy for years to come “.

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