solar thermal electric

Spain

Japanese and Spanish close deal for solar thermal power plant

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A subsidiary of the citizen services group, FCC, and the Japanese company Mitsui, have closed the funding for the Gúzman solar thermal power plant with a €226 million loan. Japanese bank Mizuho and Spain's BBVA have granted project finance for the plant in southern Spain, which will cost €272 million.
Japanese and Spanish close deal for solar thermal power plant

The Córdoba-based plant is owned by Guzmán Energía, 70% of which belongs to FCC Energía and 30% to Mitsui Renewable Energy Europe. The loan is backed by an insurance policy from export credit agency Nippon Export and Investment Insurance (NEXI).

The plant, in Palma del Río, is the first collaboration between FCC's energy division and Japanese multinational Mitsui & Co. Ltd. to develop solar thermal power in Spain. It will have an installed capacity of 50 MW.

Construction commenced last July and it is expected to become operational in December 2012. A consortium led by FCC Industrial is building the plant. The plant will benefit from its ideal location in Palma del Río: it is among the top European cities in terms of abundance of solar radiation, and it has easy access to water and gas supply and suitable power offtake structures.

According to FCC. the plant will produce enough energy to meet the electricity needs of 26,000 households and achieve emissions reductions totalling approximately 30,000 tonnes of carbon dioxide per year.

“Clinching finance for this project represents a milestone for FCC Energía and its Japanese partner. The Citizen Services group would like to thank Mitsui and the participating Japanese institutions for their involvement in this project during such a difficult time for Japan. FCC would also like to express its unwavering support for and solidarity with the people of Japan,” said FCC in a statement.

FCC Energía focuses on the development and application of technology for generating electricity from solar, wind and water energy, and from waste. The company has 421 MW in operational wind assets and 22 MW operational photovoltaic capacity, as well as two solar thermal plants (100 MW) under construction and other wind concessions (150 MW) in Spain.

Mitsui has strategic investments in energy and other infrastructure projects worldwide, including a photovoltaic power station (1.5 MW) and 18 hydropower stations (total 84 MW) in Spain, in alliance with various companies; this project will add another key asset to its portfolio.

For additional information:

FCC

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