Swindon-based Sunstroom Energy Investments is attempting to raise more than €300m (£258m) to fund the planned construction of a 50MW solar thermal electricity plant in Saucedilla, Spain.
The 271-hectare Extremadura solar park will use concentrating solar power (CSP) technology that uses parabolic mirrors to capture heat from the sun. The heat is then stored in the form of steam and channelled through a generator to produce electricity.
Sunstroom has so far secured a lease on the site, along with environmental and operational permits. The group also said it had signed agreements with technology suppliers and engineering partners in Spain and the US.
Iain Morrison, managing director of Sunstroom, said: ‘We are delighted to be developing our next project with two globally renowned renewable energy specialists. With our proven track record of developing solar plants in Spain, big-name industry support, and ongoing legislative incentives, 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.’
Spanish law guarantees the tariff to be paid by Sunstroom’s utility partners at 27.84 cents per kW during the first 25 years of installation, and at 75 per cent of this level for the rest of the project life. Construction of the site is expected to take 24 months and once operational, the plant is forecast to generate annual revenue of €36m.