A builder and operator of renewable energy plants is hoping to raise €300 million (£258 million) to build a solar thermal energy plant in Spain.
A builder and operator of renewable energy plants is hoping to raise €300 million (£258 million) to build a solar thermal energy plant in Spain.
Sunstroom Energy, which is based in Spain and the UK, plans to build the 50MW plant in the Extremadura province of Spain. Construction is expected to take 24 months, after which the plant is forecast to generate a projected annual revenue of €36 million.
Iain Morrison, MD of Sunstroom, says that the project already has the support of technology suppliers, engineering partners and utility companies. The tarriff paid for its output is guaranteed by Spanish law at an ‘inflation proof’ €0.2784 cents per kW for the first 25 years of installation, then at three-quarters of this sum for the remainder of the project’s life (approximately 40 years in total), according to the company.
Founded in 2006, Sunstroom is currently operating two solar photovoltaic plants in Spain.
