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Acta S.p.A. (AIM:ACTA), the clean energy products company, is delighted to announce that it has received project consent for the first three applications in its own developed, Italian photovoltaic project pipeline. These three consents, which cover 2.7 MW, have a market value of approximately €870,000, with 1.7 MW to be sold under the Company’s existing arrangements with SPF and 1.0 MW expected to be sold to another third party, subject to contract.

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Acta is developing a substantial pipeline of identified projects through to consent which currently totals 24.6 MW, based in the Tuscany and Abruzzo regions of Central Italy. In addition to the 2.7 MW already consented, the Company expects that a further 21.9 MW of authorisations will be achieved over the course of the next three to four months. Each project is expected to be ready for the start of installation work, or for sale, within four to six weeks of receiving consent.


Acta has been investing in the development of its Italian photovoltaic project pipeline during 2010 in order to strengthen its operations within this attractive and profitable business sector. The Company’s strategy is then to maximise returns, profitability and cash flow through a combination of the sale of consent only sites and obtaining EPC contracts for site construction.


Based on prevailing market rates, photovoltaic planning consents in Italy are currently valued in the region of €250,000 to €350,000 per MW for the project consent alone; and €3.2 million to €3.5 million per MW for completed turnkey installation (EPC) contracts, excluding project consent.


Based upon the development status of Acta’s photovoltaic project pipeline, the Company estimates that applications currently in progress have a potential consent only sales value to Acta of approximately €7.5 million. Consent only sales are high margin revenue streams, with any sales from the current pipeline expected to be realisable within 2010.


Should all of the current pipeline be developed to turn key sites, rather than a proportion sold at consent only stage, total contractible revenues which could be generated from the Company’s immediate pipeline would be expected have a value of approximately €80 million.


Paolo Bert, Chief Executive, commented:


“The approval of our first three project applications, well ahead of our expected schedule, validates our decision to invest in this exciting business opportunity, while our recent contract with Girelli Bruni demonstrates the strong synergy between Acta’s photovoltaic and hydrogen activities.


The photovoltaic project pipeline represents a fast growing, profitable and highly liquid asset that will underpin our financial performance over the next stage of our development and we continue to monitor how best to maximise the returns from these activities for the benefit of our shareholders.”

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