MADRID, Sept 2 (Reuters) - Spanish engineering and renewable energy group Abengoa said on Thursday it has attracted Japanese group JGC Corp as a minority investor in two solar mirror-power plants being built in southern Spain.
JGC's stake in the two 50 megawatt power plants, which will cost over 500 million euros ($640 million) and already qualify for Spain's lucrative solar subsidies, is the first one taken by a Japanese investor in commercial solar thermal power, Abengoa said.
'To have a leading Japanese engineering company and banks in this alliance shows the interest of international investors in Spanish solar thermal power,' Abengoa Solar chief executive Santiago Seage said.
Two Japanese banks -- Sumitomo Mitsui Banking Corp and Japan's second largest bank by assets Mizuho Financial Corp -- were involved in the 350 million euro project financing deal for the plants, which was secured in August.
Abengoa will operate and maintain a controlling 74 percent stake in the plants which reflect the sun's rays to superheat liquid and power a turbine.
The plants, Solacor 1 and Solacor 2, are in Cordoba, one of Spain's areas of highest solar radiation, and due to come on stream in 2012.
(Reporting by Jonathan Gleave; Editing by Dan Lalor)
($1 = 0.7814 euro) Keywords: ABENGOA JGC/ (jonathan.gleave@thomsonreuters.com; +34 91 585 2159; Reuters Messaging: jonathan.gleave.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
JGC's stake in the two 50 megawatt power plants, which will cost over 500 million euros ($640 million) and already qualify for Spain's lucrative solar subsidies, is the first one taken by a Japanese investor in commercial solar thermal power, Abengoa said.
'To have a leading Japanese engineering company and banks in this alliance shows the interest of international investors in Spanish solar thermal power,' Abengoa Solar chief executive Santiago Seage said.
Two Japanese banks -- Sumitomo Mitsui Banking Corp and Japan's second largest bank by assets Mizuho Financial Corp -- were involved in the 350 million euro project financing deal for the plants, which was secured in August.
Abengoa will operate and maintain a controlling 74 percent stake in the plants which reflect the sun's rays to superheat liquid and power a turbine.
The plants, Solacor 1 and Solacor 2, are in Cordoba, one of Spain's areas of highest solar radiation, and due to come on stream in 2012.
(Reporting by Jonathan Gleave; Editing by Dan Lalor)
($1 = 0.7814 euro) Keywords: ABENGOA JGC/ (jonathan.gleave@thomsonreuters.com; +34 91 585 2159; Reuters Messaging: jonathan.gleave.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2010 AFX News
