Global vertically-integrated photovoltaic provider Silfab has acquired ten per cent of the share capital of Idrofin, an Italy-based hydropower plant developer that targets the Eastern European region.
The stake acquisition in Idrofin, which has a core business in Romania, will expand the company’s interest in renewable energy.
The acquisition seals a key strategic partnership in a relatively low-risk market, according to the solar multinational, which specialises in products spanning the entire photovoltaic supply chain.
Idrofin is developing a 23MW network of micro hydropower plants through its controlled company Hidrogest Energia, for a total investment of more than €60m, which is expected to generate around 76 million kWh of power.
Idrofin holds 93 per cent of the share capital in Hidrogest, which is also part controlled by Espe Energia, a Romanian company headquartered near Idrofin that owns and operates five hydropower plants.
It is also developing a new hydroelectric plant by the Dobra River basin area, which will supply an average output of 6.6MWp, as well as three hydroelectric plants operating along the Barbat River.
The company has already completed government authorisation processes to begin the construction of Chemp Roscani.
The financing required to develop the projects has been compensated by a high level of profitability with long-term return on investments of around 15 per cent for more than 50 years, it said.
Micro hydropower plants in Romania, such as the Chemp Roscani plant, are eligible to gain three green certificates for each megawatt of power they produce, under an incentive programme introduced by the Romanian government.
Silfab CEO Franco Traverso said, ‘For Silfab this partnership represents a unique opportunity to access a crucial energy market with a partner that has both solid and strategic technical expertise in hydroelectricity.’
Silfab recently established Silfab Ontario in Canada, to capture a greater share of the Canadian and North American solar market.
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