Sunstroom Energy Investments already has various renewable energy projects in the works at different locations and currently generates a total of 5.4 MW of energy in Spain. This new project will comprise a 271 hectare thermoelectric solar plant called Thermostroom 1. The plant will employ parabolic trough CSP technology and enjoys full support from local municipalities and mayors. This political support has already helped Sunstroom to secure a lease on the site, along with outline planning, environmental and operational permits, and now the company just has to find in excess of €300 million through private funding to finance construction of Thermostroom 1. It hopes to have obtained this funding by November or December of this year.
It is expected that the plant will take 24 months to complete and, once fully operational, will generate a projected annual revenue of approximately €36 million. The tariff paid by Sunstroom’s utility partners for the project’s renewable electricity output is guaranteed by Spanish law at €0.2784 per kWh during the first 25 years of the installation, and then at 75% of this level for the rest of the project life (approximately 40 years).
Sunstroom was founded in 2006 and has since established three solar power facilities in Spain in the provinces of Navarre, La Rioja and Castile La Mancha.
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