Northeast Italy is now the proud owner of the Rovigo Solar Power Plant with the final payment of 230 million Euros.

First Reserve initially acquired the 70 MW power plant in October 2010 through a joint venture with SunEdison, a subsidiary of MEMC Electronic Materials, for the price tag of approximately 276 million Euros. The October deal was solidified with First Reserve’s down payment of 46 million Euros, and by December 23, 2010 the deal was completed with the final payment to SunEdison of 230 million Euros.

This milestone payment will surely shake up the solar game in the coming year due to SunEdison’s ability to quickly and efficiently deliver large scale solar power plants to communities who have very specific needs.    

“The development and sale of the Rovigo power plant was a major achievement and defining moment for SunEdison in 2010,” said Carlos Domenech, President of SunEdison in a press release. “In less than ten months we designed and developed one of the largest single operating solar power plants in Europe. In addition, we worked with project investors to develop the finance structures needed, reached out to local government agencies to understand their renewable energy goals and job creation needs, and brought the right people and technologies together to make this project a reality. The Rovigo project is a testament to the strength, experience, and the talent that SunEdison offers.”

Rovigo will be a key component to Italy’s economic recovery moving forward into the next decade, and is expected to generate significant jobs in construction and maintenance benefiting the local community, as well as create significant environmental benefits. In its first year of operation, the system is expected to generate enough energy to power approximately 16,500 homes and prevent the emission of 40,000 tons of CO2, which would equate to the removal of 8,000 cars from the road.