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November

Solúcar signs the financing contracts for the PS10 and PS20 solar thermal power plants with Caja Madrid and Natexis Banques Populaire

November 27, 2006

Caja Madrid and Natexis Banques Populaires will be the finance entities responsible for structuring and underwriting the financing for the construction and start-up of the PS10 and PS20 solar thermal power plants that are being promoted by Solúcar Energía, S.A., the parent company of Abengoa’s Solar Business Unit.

These two solar power plants, which will be the world’s largest tower and heliostat field technology power plants to operate at commercial level, are part of the Sanlucar la Mayor Solar Platform. A further six plants with different technologies will be added to these plants until the aimed-at installed output of 302 MW is achieved. The Solar Platform will thereby become an international reference upon it being Europe’s largest.

The two plants, with a respective unitary rating of 11.02 and 20 MW, will utilize tower and heliostat field technology. This consists of concentrating the sun’s rays onto the top of a tower that is over 100 meters high, utilizing 120 square meter mobile mirrors (624 units for PS10 and 1,255 for PS20) that are faced towards the sun by a control system. The solar receiver on top of the tower produces saturated steam at 250oC and circulates the steam to a conventional steam turbine that generates the electricity.

The PS10 solar plant will be the first of its kind to operate at commercial level as it is scheduled for start-up towards the end of this year. The start-up of these two solar power plants will prevent the emission of some 54,000 tons of CO2 per year while also providing electricity for almost 18,000 homes.

The structured financing system integrates a 136.3 million euro Senior section and a 12.4 million euro VAT credit, jointly underwritten by Caja Madrid and Natexis Banques Populaires. Said financing will be syndicated among a restricted group of finance entities.

Abengoa is a technology company that applies innovative solutions for sustainable development in the infrastructure, environment and energy sectors. It is a listed company with treasury stock of 2,037.88 million euro (20/11/2006) and is present in more than seventy countries, where it operates with its five Business Units: Solar, Bioenergy, Environmental Services, Information Technologies, and Industrial Engineering and Construction. (www.abengoa.com).

Caja Madrid: Caja Madrid is Spain’s leading finance entity and Europe’s number three in the project finance underwriting market, with a 2005 portfolio of more than 1,400 million euro, of which 30% was for Energy and Environment projects.

Natexis Banques Populaires: In line with its sustained development strategy, these two new projects confirm the leadership of Natexis Banques Populaires in renewable energy sector financing, which has materialized in numerous operations as an underwriter and lender, in France, Spain, Portugal, Italy, United Kingdom, Ireland, Morocco, and the United States.



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