The facility will have an installed capacity of 50 MW and will cost €260 million to build, which the partners reveal will be funded through project finance. FCC Energía will maintain a 70% stake in the plant on completion.
“This partnership with Mitsui demonstrates the interest of the international investment community in Concentrating Solar Power (CSP) projects in Spain and reinforces the clear objective of FCC Group to develop its energy division,” said Eduardo Gonzalez, CEO of FCC Energía.
A consortium led by FCC Industrial commenced construction of the plant in July, and it is expected to become operational in December 2012. The plant will benefit from its ideal location in Palma del Río, which enjoys an abundance of solar radiation and has easy access to water and gas, as well as adequate power off-take structures. Its developers claim that the plant will produce enough energy to meet the electricity needs of 26,000 households and avoid the emission of approximately 30,000 tonnes of carbon dioxide per annum.
“We believe that CSP will be a key technology for mitigating global warming and we are proud to take part in this environmentally-friendly power generation project," said Shintaro Ambe, Mitsui's Chief Operating Officer.
According to Ambe, Mitsui plans to use its experience in managing large energy and infrastructure projects "for the successful development of this initiative, which will expand our global presence in the field of solar energy”. Ambe also stated that the partnership complements Mitsui's business activity in the energy field in Spain, where the company already owns a 1.5 MW photovoltaic plant and 18 hydro power stations (84 MW).
FCC Energía focuses on the development and application of technology for generating electricity from the sun, wind, water and waste. The company has 442 MW in operational wind assets and 22 MW operational PV capacity, as well as two solar thermal plants (50 MW) under construction in Spain.
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