Capital Dynamics, an independent global private asset management firm, has acquired a 100 percent equity stake in the Cliff solar PV project from Solar Ventures. Project Cliff, a 18MW shovel-ready, subsidy-free solar PV project located in Sicily, Italy, will begin construction this year and is expected to reach commercial operations in 2023. The Project will be supported by a long-term power purchase agreement.

“We are thrilled to be partnering with Solar Ventures on Project Cliff, which will provide affordable, subsidyfree renewable energy to southern Italy,” said Dario Bertagna, Co-Head of Capital Dynamics Clean Energy. “As one of the most attractive locations for efficient, solar power generation, Italy is uniquely positioned to help lead Europe’s transition to renewable energy sources. We see significant opportunity for additional solar PV projects in Italy and look forward to supporting this transition through our investment and management expertise.”

“Renewable sources represent the future of the energy sector, and we are delighted that Capital Dynamics shares this vision," said Michele Appendino, Chairman & CEO of Solar Ventures. "Through this new collaboration, we want to boost the construction of clean energy projects and satisfy the growing demand for sustainability from investors and citizens.”

Once operational the Project is estimated to be able to generate approximately 37GWh of clean energy per annum – providing the electricity to power over 5,000 homes per year. Local contractors will participate in Project Cliff’s construction and operational phases and are expected to employ workers from the local area.