FCC and Japanese company Mitsui, partners in the Gúzman solar thermal power plant project, have closed funding for the project with a 226 million euro loan.
Japanese bank Mizuho and Spain’s BBVA have granted project finance (i.e. non-recourse) for the plant, which will cost 272 million euro.
FCC and Japanese company Mitsui, partners in the Gúzman solar thermal power plant project, have closed funding for the project with a 226 million euro loan. Japanese bank Mizuho and Spain’s BBVA have granted project finance (i.e. non-recourse) for the plant, which will cost 272 million euro.
The Córdoba-based plant is owned by Guzmán Energía, of which 70% belongs to FCC Energía and 30% to Mitsui Renewable Energy Europe. The loan is backed by an insurance policy from export credit agency Nippon Export and Investment Insurance (NEXI).
The plant, in Palma del Río, is the first collaboration between FCC’s energy division and Japanese multinational Mitsui & Co. Ltd. to develop solar thermal power in Spain. It will have an installed capacity of 50 MW.
Construction commenced in July and it is expected to become operational in December 2012. A consortium led by FCC Industrial is building the plant. The plant will benefit from its ideal location in Palma del Río: it is among the top European cities in terms of abundance of solar radiation, and it has easy access to water and gas supply and suitable 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.
Clinching finance for this project represents a milestone for FCC Energía and its Japanese partner. The Citizen Services group would like to thank Mitsui and the participating Japanese institutions for their involvement in this project during such a difficult time for Japan. FCC would also like to express its unwavering support for and solidarity with the people of Japan.
FCC Energía focuses on the development and application of technology for generating electricity from solar, wind and water energy, and from waste. The company has 421MW in operational wind assets and 22MW operational photovoltaic capacity, as well as two solar thermal plants (100MW) under construction and other wind concessions (150MW) in Spain. FCC Energía also operates in the UK, where it has 100MW in projects under development.
FCC is a citizen services group which operates in the areas of infrastructure (cement, construction and industrial services), environmental services, water, and energy. It has a presence in more than 50 countries and a staff of over 90,000.
Mitsui & Co. Ltd is a highly-diversified global company with trade, investment and services interests. It is headquartered in Tokyo and has a network of 139 offices and 461 subsidiaries and associated companies worldwide. Mitsui has strategic investments in energy and other infrastructure projects worldwide, including a photovoltaic power station (1.5MW) and 18 hydropower stations (total 84MW) in Spain, in alliance with various companies; this project will add another key asset to its portfolio. The company’s total worldwide installed power generation capacity is approximately 6,000 MW. Mitsui recognises the need to deliver solutions to global environmental issues, and is actively seeking to participate in renewable energy projects.