Masdar, the Abu Dhabi-backed renewable energy company, and its European partners Total SA (FP) and Abengoa SA (ABG) raised $600 million in financing for the Shams 1 concentrated solar thermal plant.
Shams Power Co. received a 22-year loan from 10 lenders including BNP Paribas (BNP), which is also the financial adviser, and National Bank of Abu Dhabi PJSC (NBAD), according to an e-mailed statement today.
Abu Dhabi, the capital of the United Arab Emirates and holder of almost all of the country’s oil reserves, is expanding its use of solar and wind power in an effort to become a regional hub for renewable energy. The emirate is building Masdar City, a business and residential complex designed to emit minimal carbon emissions, and serves as headquarters for the International Renewable Energy Agency.
Shams 1 will be one of the largest concentrated solar power plants in the world, extending over an area of 2.5 square kilometers with a capacity of 100 megawatts. Concentrated solar reflects sunlight, usually with mirrors, to heat liquids that generate power with steam turbines. Photovoltaic plants use solar panels that convert sulight directly to electricity.
Shams Power, which will build, operate and maintain Shams 1, is 60 percent owned by Masdar. Total and Abengoa hold 20 percent each. Construction began in the third quarter of 2010 and will be completed in two years, the statement said.
To contact the reporter on this story: Ayesha Daya in Dubai at adaya1@bloomberg.net
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