Twin Storage CSP Projects Secure Finance

Project finance loans worth US $760 million have been secured for the construction of twin Concentrated Solar Power (CSP) plants – Valle 1 and Valle 2 – scheduled for development in Andalucía, Spain.

Once completed, the project, by Torresol Energy – a joint venture between Masdar and engineering company SENER – will see two 50 MW installations with a molten salt thermal storage capacity of up to 7.5 hours supplying some 340 GWh per year.

Total investment value for the two plants is $1billion, SENER says.

Enrique Sendagorta, chairman of Torresol Energy, said: “A significant feature of these plants will be their ability to produce electricity at night and at times of poor sunlight, which is obviously an important consideration for consumers who require and demand uninterrupted electricity supplies.”

Dr. Sultan Ahmed Al Jaber, CEO of Masdar, observed: “The CSP projects currently under construction in Spain will introduce and test new technologies, which will help promote CSP as an economically competitive and viable alternative to traditional power sources. Through Torresol Energy, we are actively promoting the development and operation of large-scale CSP plants throughout the world and hope to implement additional projects across Southern Europe, North Africa, the Middle East and the Southwest United States.”

Work on the Valle 1 & 2 plants began in March 2009 and together with the 17 MW and  110 GWh Gemasolar Central Tower Plant, currently underdevelopment, represents a total investment $1.4 billion across three CSP projects over the past 12 months by Torresol.

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