Andromeda Pv S.r.l., a wholly owned subsidiary of SunRay Italy, has achieved financial close on the third stage of a solar facility in Italy. The project involves the development and operation of a photovoltaic plant in Montalto di Castro, located in the Lazio Region of Italy. Construction is expected to be complete by December 2010 and operations will continue for the next twenty years.

The project is financed by bonds guaranteed by SACE and funding from the EIB.

Operis provided financial model due diligence services to Andromeda and the beneficiaries. Operis, under a previous engagement, built the template financial model updated by Andromeda for this project.

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