Shams Power Company has closed the financing for 600 million dollars (about 428 million euros) of 'Shams 1', one of the largest solar thermal plants in the world and the first of its kind in the Middle East, in whose consortium in charge of construction Abengoa participates, the Spanish company reported.
Specifically, the non-recourse financing, consisting of a 22-year amortizable loan from the firm, has been subscribed with approvals for more than 900 million dollars (about 642 million euros). The participating entities are: BNP Paribas, KfW, Mizuho, National Bank of Abu Dhabi Natixis, Société Générale, Sumitomo Mitsui Banking Corporation, Bank of Toyko-Mitsubishi, Union National Bank and WestLB. BNP Paribas has also acted as financial advisor.
The consortium made up of Abengoa (20%), Masdar (60%) and Total (20%) will develop, build, operate and carry out the maintenance activities of the plant, which will be located in MadinaZayed, approximately 120 kilometers southwest of Abu Dhabi, in the United Arab Emirates.
'Shams 1', one of Masdar's flagship projects, will contribute to Abu Dhabi's plan to achieve 7% of energy production coming from renewable sources by 2020.
With a solar field of 768 parabolic trough collectors, the plant will occupy an area of 2.5 square kilometers, and will have a capacity of 100 solar megawatts. Construction began in the third quarter of 2010 and is scheduled to begin operations in two years. (EUROPA PRESS)
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