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4 May 2011
Calasparra, Spain – The world’s largest Linear Fresnel solar power station is the first of its kind to reach financial close using limited recourse project finance debt funding. The focus of this landmark transaction is Tubo Sol PE2 S.L.’s 30MW concentrated solar power station in Murcia, Spain.
A consortium of three European banks, BayernLB (Bayerische Landesbank) acting as Global Agent and Hermes Facility Agent, Commerzbank AG acting as VAT Faciliy Agent, security Agent and Account Bank and Rabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) acting as Documentation Bank have jointly arranged an Export Credit Loan of approximately EUR 67 million with export credit insurance provided by Euler Hermes in addition to a EUR 8 million VAT Facility.
The solar power station Puerto Errado 2 (PE2) is the world’s first utility-scale solar thermal power plant based on Linear Fresnel collector technology. Besides its conventional power block, the plant comprises a solar boiler with a mirror surface of 302,000m2.
A Novatec Solar subsidiary is the EPC contractor of the project and is responsible for constructing the plant. Once operational, PE2 will produce approximately 50 million KW hours of electricity per year. Annually, this equates to a reduction of carbon dioxide (CO2) emissions of over 16,000 metric tonnes and enough clean energy to power 12,000 households. PE2 is on track for completion by March 2012 with 55% of construction already achieved.
Swiss utilities EBL (Elektra Baselland) and IWB (Industrielle Werke Basel) own 73% and 12% of PE2 respectively. Novatec Solar has a 15% equity interest in PE2.
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