MEMC Electronic Materials Inc. (NYSE:WFR) announced late on Monday it would sell its solar energy plant in Rovigo, a town in the northeastern part of Italy.

The 70-megawatt photovoltaic power plant is in northeast Italy, and will be sold to private-equity firm First Reserve Corp. MEMC’s SunEdison business developed and co-owned the plant with Banco Santander.

The transaction is valued at EUR276 million, or $380.3 million, and when the plant is completed in the fourth quarter of 2010, it will be the largest solar power plant in operation in Europe.

First Reserve will take on the plant as part of a joint venture with minority investor SunEdison, which was purchased by MEMC last year for $250 million.

"SunEdison is a leader in executing large scale projects like Rovigo and we are proud to add this flagship project to our energy infrastructure portfolio,” said Mark Florian, managing director of First Reserve Energy Infrastructure. “Rovigo will serve as a worldwide reference for its scale, representing many unique skills embedded in our partnership with SunEdison, including expertise in coordination of complex solar projects, technical management and financial execution."

Shares of MEMC fell 20 cents, or 1.67%, on Monday to close at $11.76 a share. The stock was up 29 cents, or 2.47%, in after-hours trading, following the announcement.