10 Nov 2010 12:11:37
FCC and MITSUI to develop solar power
CC and MITSUI partner to develop solar thermal power in Spain
Palma del Rio, (Cordoba) 5 November 2010: Fomento de Construcciones y Contratas (FCC) and Japanese multinational Mitsui have partnered to develop solar thermal power in Spain. Their first joint project will be the Guzmán solar thermal power plant in Palma del Rio (Cordoba). The facility will have an installed capacity of 50MW and will cost 260 million euro. The partners aim to use project finance to fund the initiative. FCC will maintain a 70% stake in the plant.
Eduardo Gonzalez, Chief Executive Officer of FCC’s renewable energy division FCC Energia, said: “This partnership with Mitsui demonstrates the interest of the international investment community in Concentrating Solar Power (CSP) projects in Spain and reinforces the clear objective of FCC Group to develop its energy division.”
Shintaro Ambe, Mitsui's Chief Operating Officer said: “It is important to collaborate with a reliable partner of FCC's calibre. We believe that CSP will be a key technology for mitigating global warming and we are proud to take part in this environmentally-friendly power generation project."
According to Ambe, Mitsui plans to use its experience in managing large energy and infrastructure projects "for the successful development of this initiative, which will expand our global presence in the field of solar energy." Ambe also stated that the partnership complements Mitsui's business activity in the energy field in Spain, where the company already owns a 1.5MW photovoltaic (PV) plant and 18 hydro power stations (84MW).
Construction of the plant commenced in July and it is expected to become operational in December 2012. A consortium led by FCC Industrial is building the plant, which will benefit from its ideal location in the south of Spain. It is among the top European cities in terms of abundance of solar radiation, and has easy access to water and gas supply as well as adequate power offtake structures. The plant will produce enough energy to meet the electricity needs of 26,000 households and achieve emissions’ reductions totalling approximately 30,000 tons of CO2 per year.
The agreement between FCC and Mitsui must be authorised by the European Union's competition authorities, both companies expect an answer in the near future.