NEW YORK (Reuters) - Solar panel maker SunPower Corp said it would partner with Solar Ventures Srl to build three solar plants totaling 11.1 megawatts (MW) in Italy, ahead of planned incentive cuts in the country.
SunPower said construction on the plants, to be built in Italy's Piedmont region, will start this month and is expected to be completed by the end of the year.
Investors ranging from banks and funds to families and sports car maker Ferrari have piled into Italy's solar market, Europe's third largest, lured by a generous incentive program launched in 2007 and due to expire this year.
