Plattling, Germany (January 10th) - Solea AG (“Solea”) - a leading international utility scale photovoltaic EPC together with Solea Capital GmbH (“Solea Capital”) - a Munich based merchant bank advisory company specialized on the renewable energy sector - completed the construction and the grid connection of five ground mounted photovoltaic plants near Bologna, Italy through its wholly owned Medicina special purpose vehicles.
The turnkey realization of the 4.5 MWp was managed and structured by Solea Capital and sponsored and built in total by Solea through an EPC vendor financing structure amounting to €11.25 million.
Solea Capital identified, evaluated and executed the acquisition of the five Italian based pre-construction phase project development companies on behalf of Solea. By September 2011, the five SPVs were shovel-ready. Solea designed and constructed the five PV projects, installing 19,069 Jinko Solar crystalline based PV panels mounted to Solea’s own fix-tilt steel racking system. Nine SMA central inverters were installed.
Construction was finalized by November 2011 and the five plants were subsequently registered as fine lavori with the GSE on November the 29th; securing the installed capacity within GSE’s A-List. Enel installed their statutory electricity meters at all five plants and the 4.5 MWp was officially connected to the national grid on December 30th, 2011.
“This project has highlighted Solea’s prowess in the PV sector as a true international turnkey service provider of utility scale PV solutions. As macro market uncertainty is forcing many of our competitors to scale back their international EPC activities, Solea is able to use its strong balance sheet and it’s superior merchant banking expertise through Solea Capital to realize speculative opportunities during these turbulent times”, commented Georg Sterner, CFO, Solea AG.
ABOUT SOLEA AG
Founded in 2007, Solea AG is one of Germany top fifteen engineering, procurement and PV construction companies. Solea AG provides turnkey PV plant solutions with its own proprietary ground mounted racking systems and Solea branded crystalline PV panels. In 2010, Solea recorded € 150 million in revenues and installed approximately 50 MW of photovoltaic capacity throughout Europe.
ABOUT SOLEA CAPITAL GMBH
SOLEA Capital GmbH, a subsidiary of SOLEA AG and founded in 2011, diversifies and expands SOLEA’s core competencies among project specific and investment management business segments. Solea Capital comprises of specialists with experience in the renewable energy sector as well as professionals with backgrounds in private equity, mergers & acquisitions, and strategic advisory.