Mitsubishi buy Spanish Solar Power Plant Shares

 

Japan's Mitsubishi corporation has announced it has bought shares in the Concentrated Solar Power (CSP) plants owned by Acciona, a Spanish renewable energy business.

The four such CSP plants that have already been developed for commercial use will generate around 200 MW power. Three of the plants are already in operation, with thee 4th plant expected to go live by the end of 2011.

Mitsubishi has taken a 15% share in Acciona Termosolar, a company owned by Acciona Energia, the renewable energy division of the Acciona Group of companies. This acquisition will make Mitsubishi as the largest CSP capability owner among all other Japanese companies.

The four plants acquired by Mitsubishi are located in southern Spain, in an area known for its high level sun energy.

Acciona has already received pre-allocation for the plants under the special regime register of Spain and the plants are permitted to get the necessary feed-in-tariff benefits. Spain is already one of Europe's market leaders in renewable energy and all necessary project financing needed for the plants has already been secured.

The four CSP projects have a combined project cost of around 1 Billion Euros and will produce around 450 million kWh of electric power, which will reduce 430,000 tons of carbon emissions every year.