Abengoa Rakes in $426M for 4 Solar Power Plants

The solar arm of Spanish renewable energy and engineering giant Abengoa says it has completed raising funds for four new solar power installations it plans to build across Spain — Over €280 million ($426.33 million) was raised from 14 mostly Spanish banks for the projects. Most of those funds, or €210 million, will go toward the construction of Abengoa’s Solnova #4 Concentrating Solar Power plant while the other €70 will be used to build three solar photovoltaic plants.

Construction of the Solnova #4 plant will begin in September in Seville and the facility is planned to have 50 megawatts of power output capacity, the company says. The plant will use the same parabolic trough technology as the Solnova 1 and Solnova 3 plants. This is the “proven” trough technology that Abengoa’s senior adviser to the U.S., Fred Morse, told us the company plans to employ in their U.S. installations. That is, if the ITC sticks around.

Solnova 4 will join four other planned installations Abengoa is working on at their Solucar platform in Seville. The company says the entire site will generate a total of 300 MW from an array of solar technologies. PS 10, a central power tower installation using heliostats, is already generating 11 MW; another 1.2 MW is being produced by a low-concentration PV installation. Solnova 1 and 3 will each have a capacity of 50 MW using the parabolic trough design and are currently under construction. More installations using parabolic troughs and tower technology are under development as well as a concentrated solar power plant using dish Stirling technology.

Even though the Spanish government could shrink its solar incentives, Abengoa, which brought in €3.21 billion ($4.89 billion) in sales in 2007, has the financial wherewithal to keep these projects afloat and with this new backing from a consortium of banks we look forward to all of their solar systems coming online.