Mitsubishi furthers Acciona partnership with CSP acquisition

• 13 years ago (2011-02-26)
• Junior Isles

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Mitsubishi Corporation has acquired a 15 per cent share in four Concentrating Solar Power (CSP) generation plants in Spain.

Acquisition of the plants, which have a total capacity of 200 MW, means Mitsubishi becomes the first Japanese company to own CSP plants for commercial operation.

All four of the plants, until Mitsubishi's acquisition, were held by Acciona Energia - the world's largest independent (non-utility) renewable energy developer and owner.

Mitsubishi has fincanced the acquisition with support from three Japanese banks and support from Nippon Export and Investment Insurance (NEXI).

The facilities are entitled to receive benefits from the country's Feed in Tariff (FIT) regulatory regime, which is one of the world's most efficient and developed mechanisms to encourage use of renewable energy.

Project financing for the solar thermal plants has also been secured. Three of the solar thermal plants are already operating commercially, and the remaining Palma del Rio I is also expected to begin operations this autumn.

The project's total cost is estimated at around €1 billion and each year it is expected to generate approximately 450 million kWh of electricity, while reducing CO2 emissions by 430 000 tons.

In April 2009, Mitsubishi signed a Memorandum of Understanding, which set out a comprehensive strategic alliance with Acciona S.A. to “jointly explore the opportunities in the field of concentrated solar energy, photovoltaic, wind generation and other environment related areas in order to expand our business base.”