The debt financing for the 8.4 megawatt solar photovoltaic plant Ragusa 1 project in Sicily, Italy has successfully closed.

The project will be among the largest solar photovoltaic plants in Sicily with construction already started in July 2010. Completion of the construction and the grid connection is targeted for mid December 2010 and is forecasted to benefit from the current 2010 feed-in tariff.

The debt package of EUR40 million is provided by Deutsche Bank and Centrobanca.  The project is sponsored by TEP Solar Holdings Limited.

Operis provided financial model due dilligence services, including a full tax and accounting review, on behalf of the lenders and the sponsors.

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