Recetto Energia has completed the construction and connection of the largest solar photovoltaic power plant fully integrated on parking shelters in Northern Italy

London, August 29^th, 2010 – Recetto Energia – the special purpose vehicle controlled by zouk Ventures and NextEnergy Capital –
completed and grid connected the largest solar photovoltaic power plant fully integrated on parking shelters in Northern Italy in the Municipality of Recetto (Novara Province).
Next Power Development – the company controlled by NextEnergy Capital and specialised in the development of renewable energy ventures – realised the project, whereas Zouk Solar Opportunities – a company controlled by zouk Venture and focused on investments in the photovoltaic field – and NextEnergy Capital – a leading London-based merchant bank focused on the European renewable energy sector – represented the investors.
The photovoltaic plant realisation was carried out by TerniEnergia, a company listed on the Italian Stock Exchange (ticker: TER.IM) and a leader in the engineering, development, operation and maintenance of solar photovoltaic power plants; TerniEnergia used Suntech modules and PowerOne inverters. The project was financed by Centrobanca, the investment banking arm of UBI Banca Group, through a €12.0 million project finance facility.
The system features a total capacity of 2.8MWp and was built and connected to the national grid in a record time of four months. It covers an area of approximately 48,000 square meters that houses 1,140 parking spaces within a nautical sport center (“Parco Nautico del Sesia”) that was created by the repositioning of quarries used in the construction of the high-speed railway line that connects Milan to Turin.