Abengoa recently announced that it will receive the financial support of Banco Santander to develop the largest solar thermal electric plant in the world. The Solana proect is being developed in Arizona and will be the first US solar power plant to boast energy storage, reveals the Spanish multinational.
Abengoa has announced that it will collaborate with Capital Riesgo Global, a subsidiary of Banco Santander, "which will become a financial partner in the development of Solana, the largest concentrating solar power plant in the world". The plant, which is currently being built in Arizona, will have a gross production capacity of 280 MW and will be the first solar plant in the United States with the ability to store energy. The total investment for Solana is around $2,000 million, $125 million of which will be invested by Capital Riesgo Global.
Abengoa obtained a federal loan guarantee for approximately $1.45 billion in December 2010 from the US Department of Energy Loan Programs Office to finance this project. According to the Spanish company, this investment - which has been approved by the US Department of Energy and the Federal Energy Regulatory Commission (FERC) - "will reduce Abengoa's own capital requirement contribution and is fully compatible with the potential entry of a tax equity investor in the project".
With a gross capacity of 280 MW, it will be the largest concentrating solar power plant in the world. The company sees the plant entering operation by summer 2013, having completed almost 50 percent of the construction so far. Solana will generate enough energy to supply 70,000 households and will prevent the emission of 475,000 tonnes of CO2 per annum.
Abengoa currently has more than 1,100 megawatts of solar capacity under construction around the world, and has a total of 543 MW in operation. It is the only company in the world to construct and operate concentrating solar power plants using both tower and parabolic trough technologies.
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