Torresol Energy has secured a US$760 million loan for the development of its Value 1 and Value 2 concentrated solar power (CSP) plants in Andalucía, Spain. Torresol Energy is a joint venture company between Masdar, a subsidiary of the Mubadala Development Company, and Sener, an international multidiscipline engineering company. The total investment is estimated to be US$1 billion for the two plants.
The construction of the two 50 MW CSP plans started in March 2009 and is proceeding simultaneously. The plants feature molten salt thermal storage capacity technology developed by Sener. By incorporating this innovative storage technology, both the solar CSP plants will be able to generate power continuously including during poor sunlight as well as during night. Solar power generation is intermittent and this storage technology overcomes the problem.
Torresol Energy is currently constructing three CSP plants including Value 1, Value 2 and 17-MW Gemasolar Central Tower Plant, which is capable of generating 110 GWh per year, representing a total investment of $1.4 billion by the company during the past 12 months. The construction of the Gemasolar Central Tower Plant, for which finance was secured in November 2008, is progressing as per schedule.
Enrique Sendagorta, Chairman of Torresol Energy, said that the company is pleased with this vital financial support for Value 1 and Value 2, which will enable the company to proceed with its plans. He added that Value 1 and Value 2 is capable of producing 340 GWh per year, which is equivalent to providing clean energy to about 80,000 homes while reducing 90,000 tons of carbon dioxide emissions per annum. He commented that the CSP plants will be contributing to region’s power supply in a significant way and the plants ability to provide power during poor sunlight and at night is an important feature.
During the two-year construction period, the plants will provide direct employment to about 3,200 people, and after completion, a further 150 jobs for specialized professionals to operate the plants. The employment opportunities created, provides additional benefits for the people of Spain.