GE Energy Financial Services, KGAL invest €111.1M in 50MW CSP, molten salt storage project in Spain

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

GE Energy Financial Services, a unit of GE, and KGAL announced that they are jointly investing €111.1 million in a 50MW parabolic trough concentrated solar power plant that uses molten salt energy storage in Torre de Miguel Sesmero, Badajoz, Spain. The two companies will invest structured equity in Extresol II, which was developed by Spain’s ACS. Further financial details surrounding the investment were not disclosed.

“This transaction complements our growing European renewables portfolio and brings with it a different technology – concentrated solar power with salt storage – working with strong local partners,” said Andrew Marsden, a managing director and European leader at GE Energy Financial Services. “Such investments also support ecomagination, GE’s business strategy to create value for customers by solving energy, efficiency and water challenges.”

Extresol II was completed by ACS’s subsidiary Cobra in December 2010. The investment represents GE Energy Financial Services’ first in a CPV power plant using molten salt storage.

“Our investment in the Extresol II solar thermal power plant expands our renewable energy portfolio into a new asset class and is a natural expansion of previous investments in photovoltaic and wind power plants,” said Dr. Klaus Wolf, managing director of KGAL. “We now have more than €1.5 billion in our renewable energy portfolio, with this investment marking another milestone in the history of KGAL’s infrastructure investing. We are pleased to team up with GE Energy Financial Services and retain ACS as a reliable partner and service provider to the project. It underpins the long-term focus and sustainability of our investment approach.”

19 July 2022
As New South Wales is gearing up to become a renewable energy superpower, an exciting clean energy event is coming to Sydney. Energy Next is a free-to-attend industry event focusing on the latest renewable energy and energy management technologies, which will be held from 19-20 July 2022 at the ICC Sydney in Darling Harbour. Organised by the same people behind the country’s largest clean energy event, All-Energy Australia, Energy Next will bring a quality exhibition and technical session series to NSW. Energy Next will also host the Clean Energy Council’s Solar Masterclass with a program developed for solar designers and installers. Across two days, Energy Next will provide an extensive exhibition, workshops and networking opportunities for those working in the renewable energy industry to meet with leading suppliers, discover the latest technologies and gain an understanding of how to successfully launch new clean energy projects.
21 July 2022
The rooftop solar PV market is set for significant growth, but installers are being held back by complicated design software that is slow, cumbersome and fails to take into account rooftop shading, module compatibility and energy storage. Huawei’s SmartDesign 2.0 is a web-based PV and energy storage system tool that promises to solve all of those issues, and much more. This webinar will provide a live demonstration of the SmartDeisgn 2.0 tool, showing how installers can quickly complete Huawei PV & ESS system designs and assemble a professional report with 3D site view for potential customers, streamlining the design and sales service.
23 August 2022
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil, on August 23–25, 2022, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry. In 2021 – despite the Covid-19 pandemic – Intersolar South America welcomed more than 28,000 visitors and over 1,000 conference attendees over 3 days. 200+ providers showcased their products. Combining local and international expertise, Intersolar South America brings together the PV and solar thermal sector to discuss the current status and strategic trends for Latin American PV markets, as well as technology innovations and new business opportunities. Overall, distributed generation is still driving momentum in the Brazilian market.
6 September 2022
Intersolar Mexico sits at the cross-section of photovoltaics, solar heating & cooling technologies, and energy storage. The event serves as the industry’s go-to source for invaluable technology trends and premier B2B contacts in the promising Mexican solar market. From September 6–8, 2022 Intersolar Mexico together with the co-located The GREEN Expo® and Aquatech Mexico will take place in Centro Citibanamex, Mexico City.
19 September 2022
RE+ 2022 is the umbrella event that includes SPI, ESI, RE+ Power, and RE+ Infrastructure. As North America's largest renewable energy event, it's a catalyst for industry innovation that's supercharging business growth in the clean energy economy.
20 September 2022
From source to generation, from grid to consumer, the boundaries of the sector are blurring and this evolution is being shaped by established players, external disruptors, innovative start-ups and the increasingly engaged end-user. Enlit Asia is the unifying brand for POWERGEN Asia and Asian Utility Week, showcases expert knowledge, innovative solutions and foresight from industry leaders, coherent with Asian strategy to achieve a smooth transition towards a low carbon energy supply. This year, Enlit Asia will be co-located with Sustainable Energy Technology Asia (SETA) & Solar & Storage Asia (SSA).

Read Next

July 4, 2022
Net meting for rooftop PV is ending in Indiana through a policy change that critics have warned will make solar uneconomic for most families and businesses in the US state.
July 4, 2022
Tongwei has become the latest upstream solar manufacturer to increase prices as the cost of raw materials continues to spiral.
July 4, 2022
Shell Overseas Investments and renewable energy company Emerging Power Inc. (EPI) have agreed to jointly develop, own, operate and maintain 1GW of utility-scale solar PV in the Philippines by 2028.
July 4, 2022
Thin-film technologies such as cadmium telluride and perovskites can markedly reduce the carbon intensity of PV compared with silicon alternatives, according to researchers at the US National Renewable Energy Laboratory (NREL).
July 4, 2022
S&P Global Commodity Insights has partnered with renewables advisory firm Pexapark to create a new power purchase agreement (PPA) benchmark.
July 4, 2022
Norwegian energy data and intelligence company TGS has acquired renewable energy asset and real-time data manager Prediktor.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event