EDF Energies to set up solar PV projects

WINCHESTER, UK: EDF Energies Nouvelles (EDF EN), based in France, and the European Investment Bank (EIB) have signed a memorandum of understanding in order to set up an innovative financing structure for EDF Energies Nouvelles’ solar photovoltaic projects portfolio in Italy and France.

The European Investment Bank (EIB) will provide 500 million euros in funds for the project.

The investment programme that the agreement covers relates to the development by EDF Energies Nouvelles of solar photovoltaic projects located in Italy and France during 2010-2012.

All these projects, which are at present being developed or being constructed, will be equipped with the thin-film photovoltaic technology made by First Solar, the company based in the United States.

As per the financing framework agreement, each project will be implemented jointly with several commercial banks – with the financing allocation of each bank being independent of the others. The contribution of the European Investment Bank will come to 50 per cent of the total financing of each project.

Under this agreement, two pilot projects – the ground-based solar farm in Loreo in Italy (12.5 MWp) and the ground-based solar farm in Gabardan, near Landes, in France (three 12 MWp tranches) – will be financed in early 2010.

Afterwards, the financing structure to be implemented will be replicated for each of the ensuing investments under the programme, according to Paris Mouratoglou, chairman of the board of directors of EDF Energies Nouvelles.