Macquarie's Green Investment Group (GIG) portfolio company Cero Generation has finalized the financing of its 48 MW solar photovoltaic (PV) project in Italy.
The facility in the municipality of Montalto di Castro, which is located in the province of Viterbo, is also known as the Castrum project. According to Cero, at least 65% of the 87-hectare site will be used for agricultural crops. When completed by the end of next year, the plant will not only generate electricity but will also improve sustainable food manufacturing.
The project funding was arranged through a partnership with Bayern LB, Siemens Financial Services through Siemens Bank, and Banco Santander. The Castrum project, supported by a long-term power purchase agreement (PPA) with Centrica Energy Trading, is a development that does not receive any government subsidies.
