In January 2012, Element Power sold a 49% minority stake of its solar operating assets La Cattiva and Officine Solari Piano Corallo for a total of 6.45MW to Fondo PPP Italia, a leading Italian infrastructure fund advised by Equiter SpA (100% Intesa Sanpaolo Group).
La Cattiva is located in Mesagne, Apulia region, and consists of two smaller units, mounted on trackers to follow sun and enhance production, for a total of 1.95MW. The use of tracker technology allows additional 35% energy capture.
Piano Corallo is located in Gela, Sicily, with exceptional irradiation conditions, has 4.5MW of photovoltaic panels ground mounted on fixed tilted supports.
Element Power Solar continue to provide all the services for the management of the assets, which are expected to generate in excess of 11,000MWh/yr, with revenues of $6 million per year.