Platina Partners LLP, a British based stock fund management firm that is specialized in investments in renewable energy (in first place in wind and solar electricity generation infrastructure) and special buyouts has announced that it has bought 10 solar plants from an Italian construction company Degennaro Group. This acquisition has become the firm’s first power plant in Italy in operation and reinforced Platina’s portfolio assembly of European renewable energy projects that are connected to the electricity network.
The solar projects (1 MW each) are located in southern Italy in the region of Apulia. One of them is has been connected to the electricity network in November 2010, while the rest of the plants have been scheduled to be connected by the end of the year. The family-owned company Degennaro Group remains the project’s operations and maintenance contractor. According to Joseph Muthu, the Platina’s partner the firm has been searching for an investment opportunity in Italy which is considered as one of the most promising solar markets in Europe. He also said that the country has surpassed the United States regarding of installation of solar photovoltaics and that their investment in 10 solar plants will not be affected by a large number of solar projects in the region which have consent for planning but are not connected to the electricity network.
The acquisition of the 10 solar plants from the Degennaro Group is the Platina’s 12th investment from the European Renewable Energy Fund that was closed in March in 2010, while the firm’s portfolio now encompasses 162MW operational projects from which are 31MW solar plants in operation, 82MW under construction and more than 400MW under development. Since its establishment in 2002, Platina made investments in renewable energy projects in operation and under construction of more than 900MW.