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Pirelli Ambiente and Global Cleantech Capital (GCC) reached an agreement for acquisition by Pirelli Ambiente of the 50% stake owned by GCC in Solar Utility. Solar Utility was founded in 2007 as a 50/50 joint venture between Pirelli Ambiente and GCC, a private equity fund specialized in clean energy investments, in order to make joint investments in the photovoltaic sector. The transaction, worth approximately 8 million Euro, will increase Pirelli Ambiente’s stake to 100% of the company.
The purchase of the 50% stake not previously held by Pirelli Ambiente will allow it to pursue new growth Opportunities for Solar Utility, including through industrial partnerships like the one recently begun with Norwegian national energy utility Statkraft, as the first step to creating an important player in the renewable energy industry in Italy.
Solar Utility SpA, one of the company of Pirelli Ambiente, specialised in the production of electrical energy from photovoltaic plants, has signed an agreement with the Norwegian energy company Statkraft, which consists in developing and transferring eight photovoltaic projects in the Region of Puglia, for a capacity of almost 20 MW. Both parties have shown their willingness to play a major role within the scope of renewable energy in Italy.
The agreement was signed on September 25th during the 24th European Photovoltaic Solar Energy Conference in Hamburg. The first phase of the agreement consists in a joint development of photovoltaic plants in Italy, in which Statkraft shall initially purchase solar energy projects from Solar Utility with a licence for about 20 megawatt. The projects required to settle an EPC “turnkey” contract for the construction of solar plants shall start immediately.
This agreement will enable Statkraft to grow very quickly in Italy, as it is an interesting market for renewable energy producers thanks to the presence of high solar irradiation throughout Italy. This is an opportunity for Solar Utility to strengthen its own business as a project co-developer with a solid industrial partner.