The Vatican plans to build Europe's largest solar plant for $660 million on 740 acres near the medieval village of Santa Maria de Galeria, Bloomberg reported.

The new plant is scheduled to be ready by 2014, when electricity will be ready to exported to other areas of Italy.

“It’s a wise investment in every way we look at it,” Umberto Bertelé, chairman of the management school at Politecnico di Milano, told Bloomberg.

Cardinal Giovanni Lajolo, the Vatican City’s governor, told Bloomberg now is the time to build a new energy source, despite other European countries saying it is too costly given the economic time.

"One should take advantage of the crisis to try and develop these renewable-energy sources to the maximum, which in the long run will reap incomparable rewards," Lajolo said.

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