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1 December 2009
Novatec Solar has appointed a group of leading international banks to arrange a non-recourse project finance loan of up to Euro 90 million for the construction of PE2, a 30 MW Solar Power Plant in Spain. The plant will be based on innovative solar power technology developed by Novatec Solar, majority owned by Transfield Holdings.
Pre-registration 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 feed-in 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 Solar’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 Solar’s operating 1.4MW project, which has successfully demonstrated Novatec Solar’s direct steam generating linear Fresnel* technology. PE1 was connected to the Spanish electricity grid in March this year.
Novatec Solar’s proprietary technology represents a breakthrough in solar energy, providing heat which can be used for electricity generation and other applications. Novatec Solar’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.)
Germany: Jutta Glaenzel, firstname.lastname@example.org, +49 721 255 1730
UK: Kate Bowes, email@example.com, +44 7770 694 769
Spain: Piers Finzel, firstname.lastname@example.org, +34 91 851 4567
About Novatec Solar:
Novatec Solar is a solar power technology development company based in Karlsruhe, Germany.
The advantage of Novatec Solar’s breakthrough proprietary technology include:
• Low cost. Lightweight construction – material usage is reduced. Rapid solar field assembly due to simple modular design and high precision prefabricated components.
• Low environmental impact. Virtually no water consumption in operation. Less land use than existing technologies; less earthworks (does not require perfectly level land); visually less intrusive – most of the structure is no higher than 1.2 m.
Novatec’s solar technology is suitable for a variety of applications, including electricity generation in new and existing power plants, as well as process heat for mining, oil and gas, food, paper, textile and chemical industries, and in water desalination plants. More information can be found at www.novatecsolar.com.
About Transfield Holdings:
Transfield Holdings joined Novatec Solar as its major shareholder in 2007. Transfield Holdings is a privately-owned 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 Solar in the 30MW project by taking an 85% equity stake alongside Novatec Solar’s 15%. More information can be found at www.ebl.ch.