Payom Solar has begun building work on a new utility-scale PV project in Germany. The ground-mounted system is located in Oldenburg, Lower Saxony and will have a capacity of 4.4MW when it is connected to the grid later in the year. Installation is being funded by a new corporate bond.

When the Oldenburg installation is completed, Payom Solar will manage and maintain the site, which will take the size of its solar portfolio to 6.4MW; in August, two more ground-mounted systems with a capacity of 2MW were finished in North Italy.

“As announced at the emission of the bond, we are step by step building up a portfolio of high-yield solar power plants in Europe and thus ensuring a continuous flow of income,” Payom chairman Daniel Grosch said. “In the coming weeks, we will develop further projects ready for construction, which will then be built in the first quarter of 2012."