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| FCC and Mitsui close financing for Spanish solar plant  FCC and Japanese company Mitsui, partners in the Guzman solar thermal power plant project, have closed the debt financing 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 venture 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. write your comments about the article :: © 2011 Construction News :: home page |