ITALY/MALTA - Denham-back SunRay secures EUR 120m financing

Cassiopea PV, a wholly owned subsidiary of SunRay Italy Holdings, obtained the financing from Banca Infrastrutture Innovazione e Sviluppo, Société Générale and WestLB AG.

The Montalto plant would be the largest PV plant in Italy and SunRay intends to expand it to 100MW by the end of 2010. Construction on the project began earlier this year and the plant is due to be connected to the grid by year's end.

SunRay is an independent solar power producer that has built an internationally scalable project development platform which includes engineering, legal and project finance capability. It focuses on utility-scale projects in Southern European countries, using a community-based development model to ensure that its plants are adapted to local community needs.

In May 2008, Denham Capital Management has committed $200m (€120m) to a strategic partnership with SunRay Renewable Energy to develop a portfolio of over 300MW European solar energy projects by 2012. Headquartered in Malta, the company offices in Italy, Greece, France, Spain, Israel and the UK.

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• Topics
• Financing
• Southern Europe