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Itochu, Abengoa Solar Partner to Construct Solar Power Plants in Spain

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December 21, 2010

Itochu, Abengoa Solar Partner to Construct Solar Power Plants in Spain

By Mini Swamy
TMCnet Contributor

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According to Datamonitor, two 50MW concentrating solar power plants in Logrosan, Extremadura, Spain, are going to have two new owners. Itochu Corporation and Abengoa Solar have partnered for stakes in both the facilities. 


Jointly owned by both companies, Abengoa solar will be responsible for operating both facilities and will have a major stake in the project. It will retain control with a 70 percent stake, with Itochu taking a 30 percent stake.

Abener and Teyma, two Abengoa companies have been entrusted with the construction of the two 50 megawatt concentrating solar power plants. Both the plants, which are already under construction, are expected to commence commercial operation in 2012. The generated power will be sold to the grid in accordance with the Spanish feed-in tariff system.

Itochu claims that out of a total investment of more than $657 million required for the construction of the two 50 megawatt plants, approximately $447 million has been raised through a project finance loan.

The two 50 megawatt CSP (News - Alert) plants, which are already under construction by the Abengoa companies Abener and Teyma, are expected to start their commercial operation in 2012 and will sell power to the grid based on the Spanish feed-in tariff system.

Abundant solar radiation in Extremadura will have a positive impact on the 50 megawatt CSP plants, which will use parabolic trough technology. On completion, the plants are expected to produce enough energy to adequately cater to the electricity needs of 52, 000 households. In addition, CO2 emission reductions to the tune of approximately 63,000 tons are expected to be achieved.   

In a press release, Toshihito Tamba, Itochu's Executive vice president, said, "Itochu has shown aggressive moves on the environment and new energy field. We have built a competitively superior value chain in the solar energy field by organically linking all areas such as upstream raw materials, midstream intermediary products and downstream system integration and solar power generating plants."

In a related news release, ITOCHU and General Electric Company has completed the first transaction under their collaboration agreement by making a co-investment in the estimated $319 million CPV Keenan II wind farm under construction in Oklahoma.


Mini Swamy is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.

Edited by Tammy Wolf

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