UAE-Spain solar venture plans $5bn spend

Torresol Energy, a joint venture between Spain's Sener and Abu Dhabi's Masdar, plans to invest up to $5bn in the short-term to build concentrated solar power plants (CSP) in Spain, the United States and the Middle East, its president said on Wednesday.

Enrique Sendagorta said the company was aiming to add about 6,000 megawatts (MW) of capacity over the next three years and that one of the plants could be built in Abu Dhabi, in the United Arab Emirates.

"We are developing a pipeline of projects in Spain, the U.S. and in the Middle East North Africa (MENA) region," he said at the World Future Energy Summit in Abu Dhabi.

"The investment would range between $3.5bn to $5bn," he said.

Tendagorta said the firm is optimistic of securing funding for the upcoming projects despite tough market conditions.

"Foreign banks are financing solar plants because it represents a steady cash flow," he said.

Torresol Energy, a 60/40 joint venture between Sener and Abu Dhabi government owned green energy firm Masdar, connected two new 50 MW solar plants in Spain to the grid earlier this month.

Between them, Valle 1 and Valle 2 are expected to produce 160 gigawatt hours (GWh) of carbon-free electricity a year.

Oil-rich Abu Dhabi is aiming to get seven percent of its electricity from renewables by 2030.