EIB Provides €80M For CSP Project

The European Investment Bank (EIB) is providing a €80 million loan to Gemasolar 2006 SAU to finance the construction and commissioning of a concentrated solar power (CSP) plant in Fuentes de Andalucía, Seville.

With a nameplate power of 17 MW, the new plant is a global pioneer in the commercial application of CSP technology and the only existing commercial-scale solar power demonstration project based on a central tower receiver and heliostat field and an innovative molten salt heat storage system.

This storage system will allow independent power generation for up to 15 hours with no solar input while increasing energy efficiency by enabling electricity production for some 6 600 hours a year – around 2.5-3 times as much as other renewable energies.

Gemasolar is the flagship project of Torresol Energy Investment SA, owned 60% by the Spanish engineering group SENER and 40% by Masdar, the government of Abu Dhabi’s renewable energies development company.

“We are highly satisfied with the EIB’s support for the launch of Gemasolar, which is a truly innovative solar power plant and the world’s first commercial-scale project built with this technology. We are confident that central tower technology using molten salt offers the greatest development potential for the future,” said Enrique Sendagorta, Torresol Energy’s chairman.

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