UAE, Spain venture agree on $5 billion concentrated solar power spending

Torresol’s President Enrique Sendagorta said at a press conference that the company was looking to produce an additional 6,000 megawatts of concentrated solar energy over the coming three years.

One of the solar energy plants will be built in Abu Dhabi. “We are developing a pipeline of projects in Spain, the US and in the Middle East North Africa (MENA) region,” Sendagorta said at the World Future Energy Summit in Abu Dhabi.

“The investment would range between $3.5bn to $5bn,” he said. The company added that it was optimistic of getting the necessary funding for the solar energy projects.

“Despite the ongoing economic troubles facing much of the world, we believe we can achieve our goals as foreign banks are becoming more interested in financing solar power projects because it is a winning investment”.

Torresol Energy, a 60/40 joint venture between Sener and Abu Dhabi government owned green energy firm Masdar, connected two new 50 MW concentrated solar thermal power plants in Spain to the grid earlier this month.