News

EIB Funds 80 Million Euro Solar Power Project in Spain

Eib16 November 2009: The European Investment Bank (EIB) announced an 80 million Euro loan to finance the construction and commissioning of a concentrated solar power (CSP) plant in Fuentes de Andalucía, Spain.�

Enrique Sendagorta, Torresol Energy's Chairman, said Gemasolar is a "truly innovative solar power plant and the world's first commercial-scale project built with this technology." He explained central tower technology using molten salt offers the greatest development potential for the future, and the 17 MW new plant is expected to pioneer the commercial application of CSP technology based on a central tower receiver and heliostat field and an innovative molten salt heat storage system. This storage system allows independent power generation for up to 15 hours with no solar input while increasing energy efficiency by enabling electricity production for some 6600 hours a year. [EIB Press Release]