EIB Loans $119M to Solar Thermal Plant

Nov 21 2009 | 3:23pm ET

The European Investment Bank (EIB) will lend EUR 80 million ($119 million) to Gemasolar 2006 SAU for the construction and commissioning of a 17MW concentrated solar power (CSP) plant in Seville, Spain.

The plant – to consist of a central tower receiver and heliostat field – features an innovative molten salt heat storage system. Project developers say the 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.

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.

The Gemasolar plant is expected to supply clean and secure energy to 25,000 households, reduce CO2 emissions by more than 30,000 tons a year and create around 1,000 direct jobs during the construction phase.

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