Solar Utility: clean energy for Alessano with photovoltaic panels on municipal properties

The agreement with Solar Utility will allow for production for 30 years in the town of Alessano (Lecce) of a quantity of solar energy equal to the consumption of more than 600 families

Milan, 23 November 2007 - Solar Utility SpA, a 50/50 joint venture between Pirelli Ambiente and the fund Global Cleantech Capital (GCC), signed today a convention with the town of Alessano (Lecce) for the realization and management of photovoltaic plants, with an investment of about 5.5 million euros, in line with the business plan. The company has already guaranteed supply of the photovoltaic modules needed for realization of the project.

The solar panels will be installed on buildings and lands owned by the town of Alessano, thanks to a thirty year agreement. The total power installed will amount to about 1.1 MegaWatts and will allow for the annual production of "clean" electricity for more than 1,600,000 kiloWatthours, equivalent to the energy consumption of more than 600 families.

The investment in Alessano will accelerate Solar Utility's forecast growth plan. With this agreement, Solar Utility launches its program for investment in South Italy, where there is a high level of solar exposure.

The agreement with Solar Utility will allow the town of Alessano to reach significant economic savings, such as cutting to zero the electrical bills of municipal buildings, thanks to the large size of the panels installed, and recognition of a royalty on the production of electricity, without using any public money.

Solar Utility is a 50/50 joint venture between Pirelli Ambiente and Global Cleantech Capital which invests in photovoltaic plants destined to owners of public, commercial and industrial buildings, supplying them in exchange with "green" energy at competitive prices. In addition, Solar Utility can assign photovoltaic plants to investors interested in stable returns in the long run, as guaranteed by the Italian incentive scheme "Conto Energia" of 19 February 2007.

Pirelli Ambiente is the Pirelli Group Company operating in the business of providing solutions for the environment and for sustainable development . Pirelli Ambiente can offer to the market a vast range of solutions with low environmental impact and high-tech contents of the highest order. The company is focused on products and processes that are increasingly eco-compatible and on innovative solutions.

Global Cleantech Capital  is a leading investor in the energy and cleantech sectors in Europe and North America. GCC focuses on solar energy, green buildings, wind energy, bio-energy and advanced materials in efforts to grow renewable energy production capacity, as well as energy efficiency, thus driving the decrease in carbon footprint.