Zouk teams up with Solar Ventures for subsidy-free photovoltaic plants in Italy
Today Solar Ventures S.r.l., a leading Italian solar IPP and project developer, and Zouk Capital, an infrastructure and private equity investor active in sustainable infrastructure, electric mobility and renewable energy announced they have agreed a partnership to jointly develop and construct a portfolio of subsidy-free photovoltaic plants in Italy, initially totalling approximately 120 MWp.
The projects are currently in the mid development stage and the funding provided by Zouk Capital and Solar Ventures will enable the finalisation of the development process as well as the construction of the plants. The plants will be amongst the first in Italy to be completed on a truly subsidy free basis as they will not be subject to a feed-in tariff or other state incentive mechanism. Instead, they will sell their power output commercially through long-term power purchase agreements.
'We are delighted to partner with Solar Ventures as one of the most experienced and reliable developers in the market' - said Massimo Resta, Partner at Zouk Capital. 'We are currently observing a shift in the renewable energy and solar sectors away from state subsidies into a truly commercial and subsidy-free future. We see subsidy-free renewables as one of the major trends in the European power sector during the years to come and are pleased to be part of this trend through this transaction.'
'We are very proud to partner with Zouk Capital a very experienced investor in the field. We agree that this a new very attractive era for solar energy and we want to be fully part of it', said Michele Appendino, founder and Chairman of Solar Ventures.
Zouk Capital was supported by Legance as legal and RINA as technical advisers, while Solar Ventures worked with ARMON Capital Advisory as financial advisers on this transaction.