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SunRay Renewable Energy Breaks Ground for Construction of the Largest Solar Plant in Italy
Construction work has started on the largest photovoltaic plant in Italy. The project is being constructed for SunRay Renewable Energy, which is developing solar power installations across the Mediterranean region. The Montalto di Castro plant is being managed through Cassiopea PV srl, a subsidiary of SunRay Renewable Energy.
With a peak power of 24 Megawatts (MWp) from the installation of around 80,000 solar panels, the Montalto di Castro plant will be capable of producing over 40,000 MWh of energy per year from renewable sources.
The project is expected to employ more than 200 people in the first 12 months and more than 20 people per annum for the next 25 years during its operation. During its construction, the plant will also provide substantial additional commercial benefits for the local community, resulting in demand for local engineering and civil specialists.
"We are in the final stages of negotiating an engineering, procurement and construction contract with one of the leading worldwide contractors in the photovoltaic sector. The management of the SunRay group, as well as our partner, Denham Capital, will ensure that our Italian team - which is led by CEO Paolo Riccardo Felicioli and Head of Projects Giuseppe Brunelli - have all the possible support to deliver the project" commented Yoram Amiga, Chief Executive of the SunRay Renewable Energy group.
The planned energy output of the Montalto di Castro plant will substantially exceed local needs and the park is expected to be a substantial net contributor to the national grid.
The SunRay Renewable Energy group is based in Malta. It is active in five countries: Italy, Spain, France, Greece and Israel.
In each country it establishes local teams which seek to develop photovoltaic projects in close cooperation with the local community.
SunRay is an independent energy company which expects to develop, own and operate in excess of 300 Megawatts (MWp) of photovoltaic power plants by the end of 2012 as part of its strategic partnership with Denham Capital Management LP, a global private equity firm. Denham has made an initial commitment of $200 million to the partnership.