Alti Solar Corporation will build a US$110 million solar power plant in Italy. A memorandum of understanding for the project was signed Friday between Altisolar Co. and Italy's Solesa Green Power Co. at the Seoul headquarters of the Korea Trade-Investment Promotion Agency, better known as KOTRA.
Under the deal, Alti Solar will build a photovoltaic park of 19 megawatts that can produce up to 33 million kilowatt-hours of electricity annually, while the Italian firm will secure government authorization for the plant and handle other administrative matters, according to KOTRA.
The construction will be completed before the end of the year when the two companies are expected to sign a separate deal, worth $300 million, to build an additional photovoltaic solar park of 50 megawatts, it said.
The joint project comes as the Italian government, instead of placing construction orders itself, encourages private investors to build renewable energy plants and then sell their electricity.
Once built, the power plant will be entitled to Italy's feed-in tariffs, a government program to encourage the adoption of renewable energy sources that guarantees grid access, long-term contracts for the electricity produced and high purchase prices.
"This deal is proof that Italy's market for solar and other renewable energy technologies is open to our companies," KOTRA president Cho Hwan-eik said.
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