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Back You are here: Home Renewables Solar Concentrating Solar Power $125 million invested in Solana solar thermal project in Arizona

Concentrating Solar Power

$125 million invested in Solana solar thermal project in Arizona

Abengoa took in an additional $125 million in investment for its 280-megawatt Solana concentrating solar power plant in Arizona.

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The investment comes from Capital Riesgo Global, a subsidiary of Spanish banking group Banco Santander. In return it will have an equity stake in the project.

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Abengoa had previously obtained a federal loan guarantee of $1.45 billion from the United States Department of Energy for the project, which is estimated to cost about $2 billion.

The Solana project, which will be one of the largest concentrating solar power plants in the world, will be at Gila Bend, Arizona. It will use parabolic trough technology.

Intended for completion by 2013, it will be capable of generating enough renewable energy to supply the power needs of 70,000 households, while preventing the emission of 475,000 tons of carbon dioxide per year.

The construction of the project has currently created 1,300 jobs and will soon reach 1,600. Over 85 permanent jobs will be available once the plant begins production. – EcoSeed Staff

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