MASDAR, SENER JOINT VENTURE TORRESOL ENERGY SECURES US$760
MILLION LOAN FOR VALLE 1 AND VALLE 2 THERMAL SOLAR PLANTS
The two Spanish plants will have up to 7.5 hours of thermal storage capacity
and will provide clean and safe energy for 80,000 homes and
prevent 90,000 tons of CO2 emissions every year
Abu Dhabi, 19th January 2010: Torresol Energy, a joint venture between Masdar, a whollyowned subsidiary of the Mubadala Development Company, and SENER, a leading international
multidiscipline engineering company, with offices in Abu Dhabi, has secured US$760 million
project finance loans for the construction of its twin Concentrated Solar Power (CSP) plants Valle 1 and Valle 2 - in Andalucía, Spain. The total investment value for the two plants is
US$1bn.
Work on the two 50 MW Concentrated Solar Power (CSP) plants began in March 2009 and is
the first time that twin thermo solar plants have been built simultaneously. Both plants
incorporate energy solutions developed by SENER, including molten salt thermal storage
capacity of up to 7.5 hours. This means that the state-of-the-art plants will be capable of
generating electricity at night and through periods of poor sunlight, enabling a continuous supply
of electricity and overcoming intermittency, one of the drawbacks of some renewable
technologies.
Valle 1 & 2, together with the Gemasolar Central Tower Plant (17MW / 110GWh per year),
which was project financed in November 2008 and continues to progress construction as
expected, represents a total investment by Torresol Energy of $1.4bn across 3 CSP projects
over the past 12 months.
Talking on the announcement 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 340 GWh 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, 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”.
The construction of the new plants will have additional benefits for Spain, such as an estimated
3,200 new direct employment opportunities during the two year construction period – with a
further 150 specialised professionals required to manage operations after completion.
NOTES FOR EDITORS
About Torresol Energy
A joint venture between the companies SENER and MASDAR, Torresol Energy was set up with the aim
of becoming a global leader in the Concentrating Solar Power (CSP) sector, promoting the development
and operation of large-scale CSP plants throughout the world – especially in the “sun belt”: southern
Europe, including Spain, North Africa, the Middle East and the south-west United States.
Torresol Energy is currently focusing its efforts on the GEMASOLAR project (17MW / 110GWh per year)
and the construction of the two aforementioned 2x50 MW / 2x170 GWh per annum parabolic trough
plants, VALLE 1 and VALLE 2, in the province of Cadiz (South of Spain).
In the medium term, Torresol Energy plans to build at least two CSP plants each year, introducing and
testing new technologies in order to turn CSP into an economically competitive and viable alternative to
traditional power sources. The main aim of Torresol Energy’s research activities is to drive down the costs
of power generation.
For further information about Torresol Energy´s plants, please visit www.torresolenergy.com
About Masdar
Masdar is Abu Dhabi’s multi-faceted initiative advancing the development, commercialisation and
deployment of renewable and alternative energy technologies and solutions. Masdar is driven by the Abu
Dhabi Future Energy Company (ADFEC), a wholly owned company of the government of Abu Dhabi
through the Mubadala Development Company.
For more information about the Masdar Initiative, please visit www.masdar.ae
For more information contact:
Contacto: Fares Ghneim
Empresa: Masdar
Teléfono: +971 50 818 3191
Email: [email protected]
Name: Pilar García and Oihana Casas
Company: Torresol Enegy
Phone: (+34) 609 450 209 and (+34) 91 807 73 18
Email: [email protected] and [email protected]