The plant will be based on innovative solar power technology developed by Novatec Biosol AG, majority owned by Transfield Holdings. Preregistration of the plant was announced on 11 November by Spanish Minister of Industry, Trade and Tourism, Miguel Sebastián Gascón, enabling the plant to receive the Spanish feedin tariff for a 25 year period.
BLB (Bayerische Landesbank), Caja Madrid (Caja de Ahorros y Monte de Piedad de Madrid), Commerzbank AG and Rabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) have been mandated jointly to arrange an Export Credit Loan of up to Euro 90 million with credit insurance to be provided by Euler Hermes.
Estimated construction costs are approximately Euro 120million for the total 30 MW power plant. The Export Credit Loan will finance the export and installation of Novatec's 300,000 m2 solar field from Germany, as well as key items of capital equipment being sourced from Germany and the EU in delivering the power block.
The financing is scheduled to close early next year.
PE2, to be built in the region of Murcia, Spain, will be majority owned by the Swiss power utility, Elektra Baselland. PE2 will be immediately adjacent to PE1, Novatec's operating 1.4MW project, which has successfully demonstrated Novatec's direct steam generating linear Fresnel* technology. PE1 was connected to the Spanish electricity grid in March this year.
Novatec's proprietary technology represents a breakthrough in solar energy, providing heat which can be used for electricity generation and other applications. Novatec's technology has a number of design, environmental and cost saving features that offer significant advantages over current technologies, such as parabolic trough systems.
*Linear Fresnel technology uses long parallel lines of flat mirrors that concentrate sunlight to heat water in an overhead collector tube, producing steam to drive a conventional steam turbine generator set. (Parabolic dish/trough technology uses curved mirrors, directly heating oil rather than water.)
About Transfield Holdings:
Transfield Holdings joined Novatec as its major shareholder in 2007. Transfield Holdings is a privatelyowned investment and development company based in Sydney, Australia, with a 50 year history in developing, financing and managing businesses and projects, in Australia and internationally. The company has particular experience in the infrastructure and energy sectors. More information can be found at www.transfield.com.au.
About Elektra Baselland:
EBL - an independent regional energy company supplying electricity, heating and telecommunications services to the canton of Basel - has joined Novatec Biosol in the 30MW project by taking an 85% equity stake alongside Novatec's 15%. More information can be found at www.ebl.ch.
BLB (Bayerische Landesbank), Caja Madrid (Caja de Ahorros y Monte de Piedad de Madrid), Commerzbank AG and Rabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) have been mandated jointly to arrange an Export Credit Loan of up to Euro 90 million with credit insurance to be provided by Euler Hermes.
Estimated construction costs are approximately Euro 120million for the total 30 MW power plant. The Export Credit Loan will finance the export and installation of Novatec's 300,000 m2 solar field from Germany, as well as key items of capital equipment being sourced from Germany and the EU in delivering the power block.
The financing is scheduled to close early next year.
PE2, to be built in the region of Murcia, Spain, will be majority owned by the Swiss power utility, Elektra Baselland. PE2 will be immediately adjacent to PE1, Novatec's operating 1.4MW project, which has successfully demonstrated Novatec's direct steam generating linear Fresnel* technology. PE1 was connected to the Spanish electricity grid in March this year.
Novatec's proprietary technology represents a breakthrough in solar energy, providing heat which can be used for electricity generation and other applications. Novatec's technology has a number of design, environmental and cost saving features that offer significant advantages over current technologies, such as parabolic trough systems.
*Linear Fresnel technology uses long parallel lines of flat mirrors that concentrate sunlight to heat water in an overhead collector tube, producing steam to drive a conventional steam turbine generator set. (Parabolic dish/trough technology uses curved mirrors, directly heating oil rather than water.)
About Transfield Holdings:
Transfield Holdings joined Novatec as its major shareholder in 2007. Transfield Holdings is a privatelyowned investment and development company based in Sydney, Australia, with a 50 year history in developing, financing and managing businesses and projects, in Australia and internationally. The company has particular experience in the infrastructure and energy sectors. More information can be found at www.transfield.com.au.
About Elektra Baselland:
EBL - an independent regional energy company supplying electricity, heating and telecommunications services to the canton of Basel - has joined Novatec Biosol in the 30MW project by taking an 85% equity stake alongside Novatec's 15%. More information can be found at www.ebl.ch.
