Capital Dynamics has bought an 18MW Italian solar project from Solar Ventures for an undisclosed sum.

Capital Dynamics, via its clean energy business, has acquired the Cliff solar PV project in Sicily.

The project will begin construction this year and is expected to reach commercial operations in 2023. 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.

The project will be supported by a long-term power purchase agreement.

Dario Bertagna, the co-head of Capital Dynamics clean energy, said: “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.”

Michele Appendino, chairman and CEO of Solar Ventures, said: “Renewable sources represent the future of the energy sector, and we are delighted that Capital Dynamics shares this vision.

“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.”

To read the latest edition of the latest IPE Real Assets magazine click here.