Sunpower receives solar PV park financing

Solar-technology company Sunpower has announced that financing of €44.5m (£37.9), made up of a term loan of €40m and a short-term VAT facility of €4.5m, has been finalised for the second phase of the Montalto di Castro solar-photovoltaic (PV) power park.

With the first 24MW of the park completed ahead of schedule at the end of 2009, this second phase includes an additional 8.8MW that began construction in February and is expected to be complete in July.

The entire 85MW Montalto di Castro park, located approximately 100km north of Rome in the province of Viterbo, is planned to be built and fully operational by the end of this year.

The sole lending bank for the second phase of the project is Barclays, which is acting as mandated lead arranger, agent and account bank.