Renewables

Andasol 3 solar thermal project attracts utility investors

10 July 2009 – The Andasol 3 concentrating solar power project, which is being developed by Solar Millennium AG in the south of Spain, has received a boost by attracting three new investors.

In this transaction, the holding company Solanda GmbH, a joint venture between Solar Millennium and MAN Ferrostaal AG, is selling 74 per cent of its shares in the Andasol 3 project company, Marquesado Solar SL, to three utilities.

Stadtwerke München is acquiring a stake of 48.9 per cent, with RWE Innogy and RheinEnergie acquiring 25.1 per cent, via a joint holding company (RWE Innogy: 51 per cent, RheinEnergie: 49 per cent).

The other 26 per cent remains in the hands of Solanda GmbH.

The Andasol projects are three 50 MW parabolic trough power plants in Andalusia, which were initiated and developed by Solar Millennium AG.

Andasol 1 and 2 were implemented together with a Spanish construction company and are now producing electricity. Andasol 3 is scheduled to be connected to the grid in 2011.

Andasol 3 represents the first project that Solar Millennium is also responsible for the construction of a power plant via its joint venture with MAN Ferrostaal, MAN Solar Millennium GmbH, and in cooperation with the Spanish company Duro Felguera SA.

Combined, the three Andasol power plants will be able to supply around half a million people with electricity.