Statkraft yesterday signed an agreement to sell its solar project company RA 2 S.r.l. to ITS Power AG, a daughter company of Norwegian solar company Innotech Solar AS.
The company RA 2 was established in 2007 as a project development vehicle. RA 2 owns the 3.3 MWp solar project Borgo, which is under development in the municipality of Latina, 70 kilometres south of Rome, Italy.
The Borgo project has obtained detailed grid connection from ENEL, and Innotech Solar is expecting the project to be fully permitted by 2011.
"Innotech Solar sees Italy as one of the most promising countries for solar power in 2011, and taking over the Borgo project give a flying start in this market. The bright energy from this planned power plant will deliver electricity to more than 1000 homes over minimum 25 years," says Robert Kröni, EVP Power plants.
The sale of RA 2 follows the Statkraft decision in June 2010 to focus its strategy on the core businesses of hydropower, wind power, gas power and district heating.