November 2, 2010 / 11:34 AM / 8 years ago

CORRECTED - UPDATE 1-First Reserve closes deal for Rovigo solar project

(Corrects to change currency from U.S. dollars to euros)

* Closes 276 mln euro deal for project financing pact

* MEMC had pulled forecast due to project timing uncertainty

NEW YORK, Nov 2 (Reuters) - Private equity firm First Reserve Corp entered into a 276 million euro ($386 million) project financing agreement to close on the purchase of a 70 megawatt solar power plant near Rovigo, Italy, the firm said on Tuesday.

First Reserve agreed in September to buy the plant, which is expected to be Europe’s largest operating solar facility when it is completed later this year.

Italy’s solar sector is among the fastest growing in the world, with installations expected to easily top the 1,144 MW that were installed last year. A thousand megawatts is about the capacity of commercial nuclear power reactor.

On Monday, MEMC Electronic Materials Inc WFR.N said it had pulled its full-year profit forecast because of uncertainty around the closing sale date of the Rovigo plant and others developed by its SunEdison LLC unit. [ID:nN01168340]

First Reserve said the lenders participating in the financing agreement include Banco Santander (SAN.MC), Unicredit Corporate Banking, Credit Agricole (CAGR.PA), Dexia Crediop, Natixis (CNAT.PA) and Societe Generale [SOGN.PA]. (Reporting by Matt Daily, editing by Gerald E. McCormick)

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