29 Jul Romanian’s Biggest Solar Parks so far Speaks Italian
Two solar parks totalling 17MWp completed and connected to the grid by the Italian epc contractor Merloni Progetti S.p.A.
Milan, 22 April 2013 – Merloni Progetti recently completed its work as EPC contractor in a “turnkey” contract for construction of two large-scale photovoltaic installations with a total capacity of 17MW.
Merloni Progetti’s two solar parks commissioned by a prominent local investor and operator are located in southern Romania, about 200 km from Bucharest, where they cover a total of more than 110,000 square metres. The installations were built using Italian and foreign materials and components and will produce about 22 million kWh of clean energy a year, all of which will be fed into the grid, helping speed up Romania’s achievement of its environmental targets.
Romania is currently seeing rapid growth in energy generation from renewable sources thanks to a plan for state support based on the well-tested system of green certificates. Above all photovoltaic systems, for which the country still has plenty of potential for growth, as its total installed capacity is no more than 80 MW.
This scenario, and the difficulties of today’s financial markets, made the financial backer and the EPC Contractor very important in the project. The latter’s know-how and specific skills managed to establish the synergies required to ensure optimal risk-sharing, and the success of the operation was based on an innovative financing scheme featuring a leasing scheme and a bridge loan, which Merloni Progetti and Italy’s top banking group managed to fine tune to overcome the hurdles of today’s money market.
“The operation demonstrates Italian’s experience and know-how is recognised by international investors, and can help Italian and international companies rise to success abroad. Eastern Europe, and Romania in particular, is definitely an area of interest for renewable energy today,” says Carmine Biello, Merloni Progetti Managing Director. “Working successfully with an important Italian bank operating in many Eastern European countries has been another source of great satisfaction for us.”
Merloni Progetti S.p.A is an International General Contracting company in the Fineldo Group, owned by Vittorio Merloni and his family. Merloni produces high-tech industrial systems for international markets, primarily in the mechanical, agro-industrial, environment and energy sectors. The company was founded in 1973 and has built more than 120 plants in more than 26 countries all over the world. Merloni Progetti is based in Milan and has offices in Moscow.