JGC and Abengoa Solar to jointly own two CSP plants in Spain

JGC Corp. (Yokohama, Japan; www.jgc.co.jp) and Abengoa Solar (Seville, Spain; www.abengoasolar.com) have formed a partnership to own two 50-MW concentrating solar power (CSP) plants in El Carpio (Córdoba), Spain. Abengoa Solar, who will also operate both facilities, will retain control of the project with a 74% stake. The power plants will be the first commercial CSP plants invested in by any Japanese company. The two 50-MW CSP plants represent a total investment of more than €500 million, of which a total of around €350 million has been raised through a project finance loan. In August 2010, Abengoa Solar and JGC concluded the finance agreements with four international commercial banks: SMBC, HSBC, Mizuho and BNP Paribas. The two 50-MW CSP plants, which are already under construction by the Abengoa companies Abener and Teyma, are expected to start their commercial operation in early 2012 and will sell power to the grid based on the Spanish feed-in tariff system. The plants will benefit greatly from abundant solar radiation in El Carpio (Cordoba), as an ideal site in Europe. Utilizing parabolic trough technology (for more on CSP technology, see “Solar’s Second Coming,” CE, March 2009: www.chemengonline.com/news/4563.html),…