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Sunstroom Energy, a UK-based energy company, intends to build a 50MW Thermostroom 1 solar thermal plant, at Saucedilla, Caceres, in the Extremadura province of Spain, according to The Business News.
The Thermostroom 1 plant, which has support from the government, will utilise a concentrating solar power technology so that parabolic mirrors can capture heat from the sun; the heat stored from this, in the form of steam, will drive a turbine to produce electricity. The governmental support this system has received will provide Sunstroom with a secure lease on the site, outlining planning and environmental and operational plants.
In terms of funding this project, Sunstroom hopes to raise more than €300 million; this funding will go towards building the plant, which will cover 271 hectares of land.
Sunstroom Energy Managing Director Iain Morrison said "we are confident that the Extremadura park will be yet another highly profitable project, generating consistent returns for our investors over its 40-year life."
The project is expected to take approximately two years to complete and, once fully operational, it will generate about €36 million in revenue per year.
