May 12 (Bloomberg) -- Banco Santander SA, Spain’s largest bank, will finance ten photovoltaic power plants in Italy and buy them once completed, Expansion reported.

The Santander-based company will pay Aernnova, a closely held airplane parts maker, to build 25 megawatts of solar collectors in Italy’s Calabria region, which it will then take ownership of, the paper said, citing unnamed Aernnova employees.

To contact the reporter on this story: Gianluca Baratti in Madrid at gbaratti@bloomberg.net

Last Updated: May 12, 2009 03:18 EDT