Solarhybrid AG (SHL), a German developer of solar projects, is planning Italy's biggest photovoltaic plant and set up a U.S. unit to expand in the country.
Solarhybrid, based in Blion, expects to close financing for a 123-megawatt plant in Italy's Puglia region in coming weeks, Chief Financial Officer Albert Klein said today. Construction, costing about 200 million euros ($287 million), will begin in November, he said. The largest plant operating in Italy is the 72-megawatt Montalto di Castro project, built by SunPower Corp. (SPWRA)
"We're seeing a strongly growing market for large-scale PV plants because prices for inverters and modules have fallen so drastically," Klein said by phone, referring to components. The company created its U.S. unit as the country is set to become the biggest market for large-scale solar installations, he said.
Solarhybrid set up a venture with Solar Millennium AG (S2M) in May to operate photovoltaic plants in North America. On Aug. 18, Solar Millennium said the world's biggest solar project, a 1- gigawatt plant near Blythe, California, will switch to the technology for at least half of its generation capacity.
Solarhybrid expects to connect 229 megawatts of capacity to the grid this year and is working on projects with a combined capacity of about 1.2 gigawatts for 2012, Klein said.
Last month, the developer confirmed 2011 guidance, saying it expects sales of as much as 350 million euros and earnings before interest and tax of 10 million to 15 million euros.
The company has won 250 million euros of orders and expects to secure another 100 million euros by the year-end, Klein said.
