www.energy-business-review.com
12-August-2009
Sunstroom Energy Investments Limited (Sunstroom Energy) has announced its intention to build the 50 MW Thermostroom 1 solar thermal plant, at Saucedilla, Caceres, in the Extremadura province of Spain. The company intends to raise more than EUR300 million ($424 million) to fund the project. The plant will cover 2701 hectares of land. Project is expected to take 24 months to complete and, once fully operational, it will generate about EUR36 million in revenue per year.
Thermostroom 1, will utilise a concentrating solar energy technology so that parabolic mirrors can capture heat from the sun. The stored heat, in the form of steam, in turn will drive the turbine to produce electricity. Thermostroom 1 has full support of the local government. This support has led to Sunstroom Energy securing a lease on the site, along with outlining planning, environmental and operational permits.
The tariff paid by the company's utility partners for the electricity output is guaranteed by Spanish law at 27.84 cents per kW (inflation proof) during the first 25 years of the installation, and then at 75 per cent of this level for the rest of the project life. The project's life is expected to be 40 years. Sunstroom Energy Managing Director Iain Morrison said "we are confident that the Extremadura park will be yet another highly profitable project, generating consistent returns for our investors over its 40-year life."
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