Amplio secures €16m for Italian solar

The UK-based investor’s solar business has tied up €16m in bank finance to invest in 7MW of solar plants in Italy’s Latina province. Amplio Solar has now spent a total of around €120m on its 30MW portfolio.

Amplio Solar, the solar arm of UK-based renewable energy operator and investor Amplio Group, has secured €16 million from an unnamed Italian bank to invest in solar plants with a capacity of 7 megawatts (MW) in the Italian province of Latina in the Lazio region.

Amplio has built and project-financed the plants, with Rios Renovables of Spain acting as engineering, procurement and construction (EPC) contractor. In a statement, Amplio said it had constructed approximately 20MW of solar plants over the last 18 months, following an expansion of its team in 2010.

In total, Amplio Solar says it has invested around €120 million in its fully operational solar portfolio of more than 30MW. It has 20MW of ground-mounted plants in Puglia (8MW), Lazio (7MW), Sicily (3MW) and Abruzzo (2MW). It also has 10MW of rooftop-mounted photovoltaic (PV) arrays in southern Sardinia, where Amplio Solar says it expects to build around 30MW of additional rooftop PV plants in 2012.

“Despite the challenging economic backdrop, we remain confident in the continued growth of Amplio Solar and look forward to reporting further substantial progress, in Italy and abroad, in the course of the year,” said Alberto Dalla Rosa, chief executive of Amplio Solar, in a statement.

Riccardo Segat, chief executive and founder of Amplio Group, said Amplio Solar is aiming to become a 100MW business. Segat was a former partner at AMP Capital and principal at private equity firm Compass Partners.