pepei.pennnet.com
12 August 2009
Sunstroom Energy Investments, a designer, builder and operator of renewable energy plants, announces that it is planning to build a 50 MW solar thermal electricity plant in Saucedilla, Cáceres, in the Extremadura province of Spain. The Company aims to raise over EUR300m ($424m) to fund the project.
The Extremadura solar thermal park will cover a surface area of 271 hectares, and will be producing renewable electricity in one of the sunniest regions in the world. This park, called Thermostroom 1, will utilise a proven, highly efficient form of concentrating solar energy ("CSP") technology which harnesses parabolic mirrors to capture heat from the sun. The stored heat, in the form of steam, in turn drives a turbine to produce electricity.
In common with the Company's existing sites, Thermostroom 1 has full support from local municipalities and mayors. This political support already has helped Sunstroom to secure a lease on the site, along with outline planning, environmental and operational permits. Sunstroom has signed agreements with world-class technology suppliers, engineering partners and utility companies with experience of similar power plants, both in Spain and the USA.
Construction of Thermostroom 1 is expected to take 24 months and, once fully operational, it will generate a projected annual revenue of approximately EUR36m. The tariff paid by Sunstroom's utility partners for the project's renewable 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 (approx. 40 years).
Iain Morrison, Managing Director of Sunstroom, commented: "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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