Italy's Intesa Sanpaolo, Pramac form solar JV

MILAN, April 16 (Reuters) - Italy's leading retail bank Intesa Sanpaolo (ISP.MI: Quote, Profile, Research) and engineering group Pramac (PRAM.MI: Quote, Profile, Research) said on Wednesday they have set up a joint venture to push into the booming photovoltaic energy business.

The new company, Solar Express, will be 60-percent owned by Pramac with the rest held by Intesa Sanpaolo. It aims to install 11 megawatts of photovoltaic energy generation systems in the first year of operations, the two groups said in a statement.

Photovoltaic energy, which turns sunlight into power, got a boost in Italy last year after the government approved a series of incentives for the sector. (Reporting by Svetlana Kovalyova)