Masdar secures $615m financing for 100 MW CSP plant

UAE renewable energy firm Masdar has secured $615m of bank financing for the world's largest concentrated solar power (CSP) plant and $153m equity from its Spanish and French partners.
 
Eight foreign banks and two local banks underwrote the 22-year deal that was signed last week, bankers involved in the transaction told Reuters.
 
France's Total , Spain's Abengoa and Abu Dhabi-based Masdar plan to build $600m plant, named Shams 1, which will have a 100 MW capacity and would qualify for carbon credits under the United Nation's Clean Development Mechanism (CDM). Masdar has a 60 per cent stake in Shams Power Company while the European partners hold 20 per cent each.
 
"There was high interest from several banks with big tickets due to the project's attractiveness," said one banker, adding that the project is structured as a typical independent power project (IPP) and with a power purchase agreement with Abu Dhabi Water & Electricity (ADWEC) in place.
 
Lenders showed strong interest in the financing that was over-subscribed with commitments totalling $900m, Masdar said in a statement.
 
Construction began in the third quarter of 2010 and is expected to be completed in about two years, the Masdar statement said.
 
Meanwhile, Masdar is expected to invite bids to build its next solar project, Noor 1, by early May, reports MEED. Masdar has issued a request for qualification (RFQ) to prospective developers for the 100MW photovoltaic solar project.

Companies have until mid-March to respond. The request for proposals (RFP) will follow at the end of April or early-May. The facility will be tendered as an engineering, procurement and construction (EPC) project.

For more solar power news, click here

Sponsored by FLSmidth

Related Articles

Cape Wind secures $400M more in financing for offshore project

Cape Wind said it has secured an additional $400 million dollars from several financial institutions for the offshore wind project slated to be built in Nantucket Sound.

Dragonfly Solar, SolarWorld to deliver solar power to utility co-ops

Commercial solar developer, Dragonfly Solar and SolarWorld, a solar manufacturer, will deliver solar arrays, totaling 517-kW to four electric utility cooperatives in the U.S. Midwest.

Follow Power Engineering on Twitter
Latest News

S. Africa court dismisses Westinghouse nuclear generator replacement dispute

A South African court dismissed a filing from Westinghouse Electric Co. asking to reopen bidd...

IAEA urges India to tighten nuclear safety regulations

The International Atomic Energy Agency (IAEA) is pressing India to tighten its nuclear safety...

Caterpillar's C280 Genset enters China offshore market

Caterpillar Oil & Gas will supply six of its Cat C280-16 offshore generator sets (gensets...

Justices divided over EPA mercury limits

The Supreme Court's conservative justices cast doubt on the Obama administration's first-ever...

Report: Global wind power installations increased by 42% in 2014

Global wind power installations grew 42 percent year-over-year, according to a new report con...

Low carbon standard passes Ill. Senate committee

An Illinois Senate committee passed a bill that would establish a low carbon standard that wo...

Russia to build two nuclear power reactors in Jordan for $10bn

Russia signed a $10 billion deal to build Jordan’s first nuclear power plant.

Iowa top officials on opposites sides in EPA lawsuit

Iowa's governor and attorney general were on opposite sides of a case argued Wednesday at the...

Power Engineering Current Issue

02/01/2015
Volume 119, Issue 2
1502PE-cover
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

Chicago's Lakeshore Recycling Systems Helps Change a Life on March 27 Airing of the Steve Harvey Show

Chicago's Lakeshore Recycling Systems Helps Change a Life on March 27 Airing of the Ste...

East West Petroleum Corp.'s CEO David Sidoo Interviewed by The Energy Report

East West Petroleum Corp.'s CEO David Sidoo Interviewed by The Energy Report

Perma-Fix Schedules Fourth Quarter 2014 Earnings Conference Call

Perma-Fix Schedules Fourth Quarter 2014 Earnings Conference Call

Murray Energy's Controlling Interest of Foresight Creates U.S. Coal Mining Giant, an Industrial Info News Alert

Murray Energy's Controlling Interest of Foresight Creates U.S. Coal Mining Giant, an In...

Canadian Overseas Petroleum Reports 2014 Year End Results

Canadian Overseas Petroleum Reports 2014 Year End Results

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>