E.ON adds to Italian solar capacity
E.ON said in a statement it will build four new photovoltaic installations, that turn sunlight into power, in Italy with two of them coming on stream by the end of this year and two more expected to be up and running by the end of April 2011.
The new plants will produce about 23 million kilowatt hours of power a year - enough to meet demand from 6,500 households and avoid emission of 12,000 tonnes of carbon dioxide CO2, E.ON said. The company already owns a 1.4 MW solar plant in Italy.
E.ON, Germany's biggest producer of renewable energy, said it is expecting organic growth on Italy's solar market, meaning it does not plan acquisitions there.
Italy's photovoltaic market has boomed since 2007 on the back of generous production incentives which have attracted investors ranging from families to utilities and sports car maker Ferrari.
E.ON aims to boost operating profit at its renewables unit by about 70 percent this year thanks to a massive increase in installed capacity, the unit's chief executive told Reuters last month.
Related News

France and Germany arm wrestle over EU electricity reform
PARIS - Despite record temperatures this October, Europe is slowly shifting towards winter - its second since the Ukraine war started and prompted Russia to cut gas supplies to the continent.
After prices surged last winter, when gas and electricity bills “nearly doubled in all EU capitals”, the EU decided to take action.
In March, the European Commission proposed a reform “to boost renewables, better protect consumers and enhance industrial competitiveness”.
However, France and Germany are struggling to find a compromise and the clock is ticking as European energy ministers prepare to meet on 17 October in Luxembourg.
The controversy around CFDs
At…