Project Focus: Torresol Energy secures US$760 million for Valle 1 & 2 CSP plants

Masdar and Sener JV, Torresol Energy, has secured US$760 million in project finance loans for the construction of its twin CSP plants, Valle 1 and Valle 2, in Andalucía, Spain. The total investment value for the two plants is US$1bn.

This will be the first time that two CSP plants have been built simultaneously. Both incorporate energy solutions developed by Sener including molten salt thermal storage capacity of up to seven and a half hours.

The Valle 1 & 2 projects, together with the Gemasolar Central Tower Plant, financed in November 2008, represent a total investment by Torresol Energy of US$1.4bn across three CSP projects over the past. Enrique Sendagorta, chairman of Torresol Energy, said, "We are very proud that Valle 1 and Valle 2 solar plants secured this important financial support, which allows us to continue on schedule with our strategic plans".

"With a combined production of 340GWh per annum, which equates to the clean and safe energy for over 80,000 homes and a saving of 90,000 tons of CO2 emissions every year, Valle 1 and 2 will be leaders in the delivery of concentrated solar power and a major contribution to the region's power supply. 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," he added.

Dr. Sultan Ahmed Al Jaber, CEO of Masdar, said, "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."