Wednesday, December 19, 2007

French Company to Build 32MWp of Solar Parks

French photovoltaic utility Solaire Direct and a leading French bank, Caisse des Depots, announced a JV company, Solaire Durance, which will build 32MWp in the South of France (Var region). The 32MWp will be split among 5 different solar parks, and the first solar park is expected to come online in the second half of 2008.
The installer, Solaire Direct was established in October 2006, and they raised €6.1 million of funding in June 2007 (from companies including TechFund, Schneider Electric Ventures, and Demeter Partners). They are now investing €3.81 million of that money in this JV, while Caisse des Depots is investing €4.44 million. Solaire Direct will own 50.25% of the new company.
The total spend on the 32MWp of solar parks is expected to be €140 million. 20% of this will be from direct investment (€28 million), and 80% will be borrowed.

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