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25 February 2024

UAE-Spain JV plans $5bn spend

By Reuters

Torresol Energy, a joint venture between Spain's Sener and Abu Dhabi's Masdar, plans to invest up to $5 billion in the short-term to build concentrated solar power plants (CSP) in the Middle East, Spain, and the US, its president said on Wednesday.

Enrique Sendagorta said the company was aiming to add about 6,000 megawatts (MW) of capacity over the next three years and that one of the plants could be built in Abu Dhabi, in the United Arab Emirates.

"We are developing a pipeline of projects in Spain, the US and in the Middle East North Africa (MENA) region," he told Reuters at the World Future Energy Summit in Abu Dhabi.

"The investment would range between $3.5 billion to $5bn," he said.

Tendagorta said the firm is optimistic of securing funding for the upcoming projects despite tough market conditions.

"Foreign banks are financing solar plants because it represents a steady cash flow," he said.

Torresol Energy, a 60/40 joint venture between Sener and Abu Dhabi government owned green energy firm Masdar, connected two new 50 MW solar plants in Spain to the grid earlier this month.

Between them, Valle 1 and Valle 2 are expected to produce 160 gigawatt hours (GWh) of carbon-free electricity a year.

Oil-rich Abu Dhabi is aiming to get 7 per cent of its electricity from renewables by 2020.