The projects, with a total power of 10.4 MWp, are situated in the regions of Lombardy and Emilia-Romagna in northern Italy.

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Dornach near Munich.

Gehrlicher Solar Italia S.r.l., a subsidiary of Gehrlicher Solar AG, has established five solar parks in northern Italy. The sole investor is White Owl Capital AG, which is based in Berlin. The Cremosano (2.6 MWp), Dovera (1.3 MWp) and Palazzo Pignano (3.6 MWp) solar parks are situated in Lombardy, while the Polesine 2 (1.6 MWp) and Polesine 3 (1.3 MWp) solar parks are situated in the Emilia-Romagna region. All systems were connected to the electricity grid before feed-in tariffs were reduced with effect from 1 September 2011.

Gehrlicher Solar was responsible for the entire project for all five systems – from site development and technical engineering to project financing and construction. A total of 133,680 modules from manufacturer First Solar were installed at the five solar parks. In all, a total of 15 inverters from SMA convert the direct current generated into alternating current suitable for the grid. Together the systems now produce around 12.2 million kilowatt hours of green electricity each year.

“We are very satisfied that we can expand our long-standing collaboration with the sale of our projects to White Owl Capital. We value WOC as an experienced partner for investment in sustainable energy and are delighted that we will be able to pursue projects with them in future,” explains Dr. Tim P. Jungblut, Vice President Ground Mounted Systems at Gehrlicher Solar AG and member of the executive board at Gehrlicher Solar Italia S.r.l. “We continue to see great sales potential in Italy beyond 1 September – for both ground-mounted and roof-mounted systems as well as for our wholesale business.”

“Investors looking for security in the light of volatile financial markets are best advised to invest in existing power plants. This is precisely the strategy that we have pursued with the acquisition of the Gehrlicher Solar systems,” says Tobias Pehle, CEO, White Owl Capital AG. “Gehrlicher Solar is our long-standing strategic partner, who uses its technical expertise to optimise the efficiency of power plants, providing our investors with a secure and high-yield investment,” explains Pehle.

Gehrlicher Solar AG completed several ground-mounted and rooftop systems in northern Italy in the first six months of 2011. Gerald Kumerle, Technical Director Ground Mounted Systems at Gehrlicher Solar AG and chairman of the board of Gehrlicher Solar Italia S.r.l. explains: “The rapid and smooth execution of these five projects once again shows our international expertise in the construction of solar power plants. It is our belief that Italy will continue to be an important market for photovoltaic systems next year and beyond.”

About Gehrlicher Solar AG

Gehrlicher Solar AG is an internationally operating photovoltaic company from Germany with subsidiaries and joint ventures in Brazil, France, Great Britain, India, Italy, Spain, South Africa and the USA. Gehrlicher Solar has around 440 employees world wide and generated a total of 343 million Euros in sales in the fiscal year of 2010. The company which was founded in 1994 develops, plans, builds, finances, and operates solar power plants for ground mounting and for roofs – from private houses to multi-megawatt systems. In addition, it distributes solar modules and inverters as well as components from its own GehrTec product range. Gehrlicher Solar also plans, sets up and manages profit-oriented photovoltaic funds and private placements for private and institutional investors. For further information, please visit www.gehrlicher.com.

About White Owl Capital AG

White Owl Capital is an investment company specialising in closed-end funds focusing on solar power and sustainable investments. According to VGF industry statistics, White Owl Capital was one of the most active investment companies in Germany in the energy fund segment in 2009 and 2010. Around 6,000 investors have so far invested approx. 155 million euros in White Owl Capital funds. The total volume of investment is just over 600 million euros. With 38 solar power plants in its portfolio, WOC is one of the most active investors in this asset class in Europe. The investment company, founded in 2007, is part of the Dr. Pehle Holding and is a member of the closed-end fund association VGF Verband Geschlossene Fonds e.V.

Source: Gehrlicher Solar AG