Abengoa Solar, ITOCHU Corp. Partner On CSP In Spain

Abengoa Solar and ITOCHU Corp. have formed a partnership to own two 50 MW concentrating solar power (CSP) plants in Logrosan (Caceres), Extremadura, Spain. Abengoa Solar, which will operate both facilities, will retain control of the project with a 70% stake, while ITOCHU will take a 30% stake.

The two CSP plants represent a total investment of more than 500 million euros, of which a total of around 340 million euros has been raised through a project finance loan. The companies have signed finance agreements with four international commercial banks – SMBC, HSBC, Mizuho and BTMU – with the Overseas United Loan Insurance program support of NEXI, a Japanese export credit agency.

The plants, which are currently under construction by Abengoa companies Abener and Teyma, are expected to start their commercial operation in 2012. In addition to the two projects in Extremadura, Abengoa Solar and ITOCHU have signed an agreement to collaborate in the analysis and development, on a non-exclusive basis, of further projects, mainly in the Asian and European markets.

SOURCE: Abengoa Solar

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