London, England [RenewableEnergyAccess.com] Ecofin Limited, a London-based investment firm, has announced it has made a new investment in Solel Solar Systems Limited. Ecofin, on behalf of its funds and certain co-investors, has invested $105 million in shares of Solel through a combination of subscription for new equity and secondary share purchases.
Solel will be undertaking an additional round of capital raising, following which Ecofin will hold a very significant minority stake in the company. Solel is currently in the process of constructing 150 megawatt (MW) of solar thermal plants in Spain. In addition, Solel has signed a power purchase agreement with the Pacific Gas & Electric company to supply a solar thermal power field of 553 MW in California.“We are delighted to make this investment in Solel and look forward to supporting the company through a period of rapid growth. The use of parabolic troughs in the creation of solar thermal power plants represents a real opportunity to develop a utility scale solution to renewable energy,” said Bernard Lambilliotte, CIO of Ecofin.