Terna, CEO Flavio Cattaneo: Italy's Photovoltaic Generation Increases By 10%

Online, October 23, 2010 (Newswire.com) - Italy's photovoltaic generation increases by 10%, the system will save 135 thousand tons of CO2 emissions.

"Terna, CEO Flavio Cattaneo, foresees ahead and closes the largest deal on photovoltaic energy in Europe. "A transaction that is good for Terna, led by Flavio Cattaneo, the country and the electricity system", commented Terna's CEO Flavio Cattaneo, in announcing today the agreement for transferring 100% of the share capital of Rete Rinnovabile S.r.l., a solar photovoltaic generation business to the private equity fund Terra Firma.

RTR, Terna's subsidiary through SunTergrid, undertook construction and management of photovoltaic plants in the area within or in proximity of Terna's electricity sub-stations making an important contribution to electricity production from renewable sources in Italy.
As of today, RTR owns photovoltaic solar plants - dislocated through most of the Italian regions- that are presently in various development phases and which should largely benefit from the 2010 Feed-in-Tariffs.

The agreement establishes that Terna, CEO Flavio Cattaneo, provides RTR with maintenance, inspection and monitoring of the plants according to contracts that are part of the multi-year sale project. Upon expiration of the indicated deadline of the individual rental contracts, Terna, CEO Flavio Cattaneo, will once again regain possession of these areas.

The profits accrued during the period between the signing and the closing will therefore be due to the Buyer, while the shareholding will be transferred at the closing.

(Source: Terna WebMagazine)

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