Photovoltaic project

In order to leverage and safeguard its resources while maximising return on its assets, Terna designated the subsidiary InTernational S.p.A. – which was renamed “Sungrid S.p.A.” on July 7, 2009, and then “SunTergrid S.p.A.” on October 22, 2009 – to undertake the construction and management of small-scale photovoltaic power generation plants (for a total power capacity of about 100 MWp and capital expenditure in excess of €300 million by 2010) located in the areas of Terna's electricity stations that are currently unused and where no plant has been installed. The necessary authorisations and connections have been requested, and the first European tender published for the EPC contract closed with the contract assignment in January 2010. In December, the first photovoltaic plant began operations in the province of Ragusa.
This corporate organisation both meets the needs of functional and accounting separation of the Parent and ensures compatibility with the bylaws and the concession of Terna S.p.A., as well as with the provisions of Legislative Decree no. 79/99 (i.e. the “Bersani Decree”).
On October 22, 2009, in order to provide SunTergrid with the financial resources needed to develop this new business, and by way of implementing the resolution of the Board of July 28, 2009, Terna provided the company with €10.0 million as a capital contribution.
On December 23, 2009, as part of a process of internal reorganisation and in order to optimise resources and potential for the new photovoltaic power generation business, SunTergrid also established the new company Rete Rinnovabile S.r.l. (or “RTR S.r.l.” for short) with share capital in the amount of €50,000.00, which is to be the special-purpose vehicle for all projects that are expected to become operational by the end of 2010. The company’s purpose includes the design, construction, management, development and maintenance of networks and other infrastructures for the transmission and dispatching of electricity, as well as of power generation plants – including renewable energy – for self-consumption or sale, both in Italy and abroad, and related research, consulting and assistance services.