Agreement with Tesla S.r.l., an investment company newly formed for the purpose of this transaction and entirely focused on the Italian renewable energy sector.
Acta S.p.A. (AIM:ACTA), the clean energy products company, is delighted to announce the signing of a new solar photovoltaic (‘PV’) installation agreement with Tesla S.r.l., an investment company newly formed for the purpose of this transaction and entirely focused on the Italian renewable energy sector.
Under the EPC (Engineering, Procurement and Construction) Contract, signed on 1 October 2010, Acta will install a 1MW photovoltaic park in the Abruzzo region of central Italy, fulfilling a project authorisation consent which has been developed by Acta’s PV pipeline development team (as announced in August 2010 following receipt of project approval). The contract is subject to confirmation of the transfer of land lease rights to Tesla, expected to occur on or around 12 October 2010. Installation of the €3.5 million project is scheduled to be completed by the end of 2010.
The EPC contract has been signed by ActaSol S.r.l., Acta’s 100% subsidiary, through which the Company is managing its photovoltaic business activities. The appointment of ActaSol as main EPC contractor represents a significant step forward for the Group, and reflects the acceptance of ActaSol as a “bankable” EPC contractor on the part of the bank which has approved the terms of financing to Tesla for the project.
Tesla S.r.l. is owned by the Radaelli family, third-generation textile industrialists producing prestigious velvet and silk products in Lecco, central Italy (www.redaellivelluti.it).
Paolo Bert, Chief Executive, commented:
“We are particularly pleased to have signed the agreement with Tesla Srl as it demonstrates Acta’s ability to sell project authorisations developed from inception by our own team. In addition, our subsidiary ActaSol has now been approved as EPC main contractor by a leading Italian credit institution. This combination of achievements, following on from the acquisition transaction announced on 22 September 2010, has given Acta a range of in-house capabilities that now stretch from project development and authorisation through to project implementation and final connection. We are one of the few participants in the Italian PV sector able to offer such a range of services.
“This additional 1MW, €3.5 million contract marks our continued development in solar PV and further endorses our decision to invest in the sector which, thanks to an enlightened Government approach, remains buoyant in Italy.”