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Monteboli: Toto brings PPP to PV

30 September 2011

Toto Group closed Italy’s first project financing of a photovoltaic plant structured as a public-private partnership on 4 August. Toto raised a Eu66.6 million ($94.7 million) project facility for the Eu72.6 million 24MW Monteboli photovoltaic project in Eboli, Salerno province, Italy. Toto won an open public tender to operate the plant on public land and the grantor, the municipality of Salerno, award­ed the concession in October 2010. The tender was largely based on the amount of royalty that the winning bidder was prepared to offer to the municipality. The period from October 2010 to May 2011 has been a highly turbulent time for PV tariffs in Italy, given the retirement of Conto Energia 3 and the delay over the new regime, Conto Energia 4, which will see an accelerated drop in tariffs during 2011 and 2012. However, as a condition of the award of the concession the sponsor had to...

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