Sener and Masdar announce joint venture to develop concentrating solar power plants in the 'Sunbelt'

One of Torresol Energy's primary objectives is to widen the adoption of CSP and make it more compatible with grid parity.

This joint venture will commence work on three solar power plants in Spain with an approximate combined value of €800m, one of which will be a CSP Central Tower Receiver System.

This technology will feature the first-ever commercial deployment of the industry-changing technology, and will set the standards for an anticipated 500 MW of CSP projects across the Sunbelt countries by 2012.

Independently of Torresol Energy, MASDAR is developing CSP plants in Abu Dhabi, and their flagship plant "Shams 1" is expected to be completed in the fourth quarter of 2010.

In every new project Torresol Energy expects to introduce and test new technologies with the long term objectives of making CSP a very competitive and reliable technology, achieving a sustainable leading position in this sector and contributing to the protection of the environment for future generations.

SENER has been working for almost a decade in the development of solar thermal power technology.

The company is presently designing and building, in a joint venture, three 50 MW parabolic through plants with molten salt storage in Spain.

SENER has also devised and tested innovative solutions for CSP tower plants and has started the detailed design of Central Receiver Plants. The company expects to apply all these solutions in the projects of Torresol Energy and also for other clients worldwide.

SENER President and CEO, Jorge Sendagorta, and MASDAR CEO, Dr. Sultan Al Jaber, announced the launch of Torrresol Energy in joint remarks at the Diputación Foral de Bizkaia, where the press conference where held. H.E. Sultan M. Al-Qortasi, the UAE Ambassador to Spain, attended the event as guest of honor.

Torresol Energy comes from the common vision of SENER and MASDAR to build a leading global company for the generation of reliable power from solar energy and contribute to the protection of the environment for future generations.

"We also have a shared mission: to invest globally in profitable and efficient concentrating solar power plants and to pioneer new techonologies and drive down the future costs of generation", said Jorge Sendagorta.

"MASDAR is committed to developing and delivering future energy solutions. And the Torresol CSP technology promises to be the technology that will revolutionize the way we draw energy from the sun" said Al Jaber.

"Partnering with SENER will accelerate our objective of creating the scale and technology improvements required for a wider adoption of CSP technology while fulfilling our mandate to the Abu Dhabi government's alternative energy program".

SENER will own a 60% share of Torresol Energy, with MASDAR owning the remaining 40%.