October 5, 2010 / 10:55 AM / 7 years ago

UPDATE 1-Etrion, Phoenix to build another solar plant in Italy

* To build 1.7 MW plant in Rio Martino, Italy

* Sees plant generating 700,000 euros in annual EBITDA

Oct 5 (Reuters) - Canadian solar company Etrion Corp (ETX.TO) said it would build a 1.7 megawatt (MW) solar power plant in Italy, in partnership with German solar wholesaler Phoenix Solar AG (PS4G.DE).

The ground-based solar photovoltaic plant in Rio Martino is expected to generate more than 2 million kilowatt hours of electricity, and over 700,000 euros ($957,200) of earnings before interest, taxes, depreciation and amortization per year.

Etrion, which builds, owns and operates solar power plants in Italy, said construction will likely begin this month, and finish by the end of the year.

Tuesday’s deal come as investors ranging from banks and funds to families and sports car maker Ferrari pile into Italy’s solar market, Europe’s third largest, lured by a generous incentive program launched in 2007 and due to expire this year. [ID:nLDE6681KJ]

In July, Etrion had also unveiled plans to build a 3.5 MW solar power plant in the country. [ID:nSGE66I0FP]

“We expect both the Rio Martino and Borgo Piave projects to benefit from the 2010 feed-in-tariff,” Etrion said in a statement on Tuesday.

Shares of the company closed at 80 Canadian cents Monday on the Toronto Stock Exchange. ($1=.7313 Euro) (Reporting by Adveith Nair in Bangalore; Editing by Aradhana Aravindan)

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