Element Power Solar sells minority stake of Italian solar project to highly reputable Italian partner

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Element Power Solar sold 49% of its 2 solar power plants in Apulia and Sicily to a leading Italian infrastructure fund

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Element is very excited to have been selected by such a reputable Italian partner with which we hope to further explore business opportunities in Italy - said Alberto Aguilar, managing Director of Element Power Italy.

Italy - Element Power Solar announces it has sold a 49% minority Stake of its solar operating assets La Cattiva and Officine Solari Piano Corallo for a total of 6.45MW to Fondo PPP Italia, a leading Italian infrastructure fund advised by Equiter SpA (100% Intesa Sanpaolo Group).

“Element is very excited to have been selected by such a reputable Italian partner with which we hope to further explore business opportunities in Italy” said Alberto Aguilar (http://www.elpower.com/alberto-aguilar), managing Director of Element Power Italy.

La Cattiva is located in Mesagne, Apulia region, and consists of two smaller units, mounted on trackers to follow sun and enhance production, for a total of 1.95MW. The use of tracker technology allows additional 35% energy capture.

Piano Corallo is located in Gela, Sicily, with exceptional irradiation conditions, has 4.5MW of photovoltaic panels ground mounted on fixed tilted supports.

Element Power Solar will continue to provide all the services for the management of the assets, which are expected to generate in excess of 11,000MWh/yr, with revenues of $6 million per year.

Element Power Solar is a unit of Element Power focusing on the global opportunities in PV solar. Element Power Solar has an extensive portfolio of solar projects with 40MW already in operation and over 2,000 MW of projects in development in Europe, North America, Latin America and Asia. Element Power Solar is based in Portland Oregon, with offices in Madrid, London, Verona, Charlottesville, Concepción and Mexico City.

For more information http://www.elpower.com.

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Stefania Toscano (PST)
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