Abengoa will collaborate with Capital Riesgo Global, a subsidiary of Banco Santander, which will become a financial partner in the development of Solana, the largest Concentrating Solar Power (CSP) plant in the world. The 280 MW CSP plant, which is currently being built by Abengoa in Arizona, will be commissioned by the summer 2013 and will generate enough energy to supply 70,000 households and will prevent the emission of 475,000 tons of CO2 per annum. It will be the first solar plant in the United States with the ability to store energy.
The total investment for Solana is around $2bn. Abengoa obtained a federal loan guarantee for approximately $1.45bn in December 2010 from the U.S. Department of Energy (DOE) Loan Programs Office to finance this project. Capital Riesgo Global will invest $125m in exchange for an equity stake in the project.
Abengoa currently has more than 1 GW of solar capacity under construction around the world. It also has a total of 543 MW in operation and is the only company in the world to construct and operate concentrating solar power plants using both tower and parabolic trough technologies.
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