The two 50-MW CSP plants represent a total investment of more than €500 million, a total of around €350 million of which has been raised through a project finance loan. In August 2010, Abengoa and JGC concluded the finance agreements with four international commercial banks: SMBC, HSBC, Mizuho and BNP Paribas.
The two plants, which are already under construction by the Abengoa companies Abener and Teyma, are expected to start their commercial operation in early 2012 and will sell power to the grid based on the Spanish feed-in tariff system. The plants will benefit greatly from abundant solar radiation in El Carpio (Cordoba), as an ideal site in Europe. Utilizing parabolic trough technology1, they will produce enough energy to meet the electricity needs of 52,000 households and achieve emissions reductions totalling approximately 63,000 tonnes of carbon dioxide per annum.
“This partnership, with the participation of a leading Japanese engineering company and Japanese and other international banks, demonstrates the interest of the international investment community in CSP projects in Spain,” declared Santiago Seage, Abengoa Solar’s CEO.
In turn, Koichi Kawana, JGC’s Executive Vice President, mentioned that “it is our great pleasure to collaborate with Abengoa Solar as a very reliable partner with a proven and impressive track record in the CSP industry. We believe that CSP is one of key technologies to mitigate global warming and we are proud to take part in this environmentally friendly power generation project. JGC’s challenge to develop CSP projects will expand globally utilizing our experience, especially in MENA countries”.
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