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UAE, Spain Solar Plant JV Secures $225 Mln Financing - ASHARQ AL-AWSAT English Archive
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ABU DHABI, (Reuters) Torresol Energy, a joint venture between Spain’s Sener and Abu Dhabi’s green energy firm Masdar, said late on Monday it had secured 171 million euros ($225 million) in financing to build a solar power plant in Spain.

The deal will allow construction to start on Gemasolar, the world’s first solar power plant with central tower and salt receiver technology, a statement from Sener’s Abu Dhabi office said.

The plant is located in Fuentes de Andalucia in Seville province and will create more than 1,500 jobs, it said.

Instituto de Credito Oficial, Banco Popular and Banesto were the mandated lead arrangers of the deal.

The plant will be operational in 2011 and will produce 17 megwatts of renewable energy, reducing C02 emissions by more than 50,000 tonnes a year, the statement added.

Torresol Energy was set up in March 2008 with Sener holding 60 percent and Abu Dhabi government-owned Masdar the remaining 40 percent.

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Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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