Private equity firm First Reserve has acquired a 70MW photovoltaic power plant from SunEdison for about €276m ($382m).

Once completed in the fourth quarter of 2010, the plant, located in Rovigo, Italy, is expected to become the largest operating solar power plant in Europe.

The Rivigo plant was previously acquired in a joint venture between SunEdison and Spanish banking group Banco Santandar.

SunEdison will manage the ongoing operations and maintenance of the Rovigo plant.