Abengoa Solar’s Solana parabolic trough concentrating solar plant is set to be the largest CSP power plant in the world and the company announced that it has closed its financing with US$1.45 billion going towards the US$2 billion project. Solana will generate around 250 net megawatts of energy, which will be bought by Arizona Public Service through a signed PPA with Abengoa Solar for thirty years.
Santiago Seage, CEO of Abengoa Solar, stated, “Solana is the first large scale CSP plant for Abengoa Solar in the U.S. and will be a key milestone for our development in this country as it allows us to strengthen our relationships with the local community as well as with the state and federal public authorities that have contributed notably to this project.”
Located near Gila Bend, Arizona, just 70 miles outside of Phoenix, the CSP plant was issued a loan guarantee by the U.S. Department of Energy. It will be the first large-scale solar plant in the U.S. that will be able to store the energy it creates.