Badajoz,
Spain, October 28, 2011 – GE (NYSE: GE) unit GE Energy Financial Services
announced today it and German fund KGAL are
jointly investing €111.1
million in
a 50-megawatt parabolic trough concentrated solar power plant using molten salt
energy storage in Torre de Miguel Sesmero, Badajoz, Spain.
The GE unit and KGAL agreed to
invest structured equity in Extresol II,
developed by Spain-based ACS, Europe’s largest developer, builder and operator
of solar thermal power plants. Additional financial details were not disclosed.
ACS has built more than €2 billion worth of concentrated solar power facilities
with molten salt storage in Spain. An
ACS subsidiary, Cobra, finished construction of Extresol
II in Dec. 2010 and provides operations and maintenance services to the
plant.
“This transaction complements our growing European
renewables portfolio and brings with it a different technology – concentrated
solar power with salt storage – working with strong local partners,” said Andrew
Marsden, a managing director and European leader at GE Energy Financial
Services. “Such investments also support ecomagination, GE’s business strategy
to create value for customers by solving energy, efficiency and water
challenges.”
This investment is GE Energy Financial Services’
first in a concentrated solar power plant using
molten salt storage. Concentrated solar power involves generating power
from steam turbines with free, clean heat from the sun, avoiding the use of
traditional fossil fuels such as coal, natural gas or oil. The plants use mirrors that reflect sunlight
to heat a thermal fluid. The fluid is
used to boil water to create steam and power steam turbines that generate
electricity. Extresol
II stores some of the solar heat by melting a special salt mixture during the
day, then extracts the heat when the sun isn’t shining, such as at night, to
continue producing steam for the turbines. Because salt is able to store heat for long
periods, these facilities can generate electricity an extra seven hours a day.
This
solar power plant is contributing to the European Community’s goal of
generating 20 percent of its power from renewable sources, reducing emissions
by 20 percent and increasing energy efficiency by 20 percent by 2020. The plant generates enough
renewable electricity to power approximately 37,900 average Spanish households
and avoids approximately 149,000 tonnes of
carbon dioxide per year assuming its power displaces generation from coal- and
oil-fired power plants.
“Our investment in the Extresol II solar thermal power plant expands our renewable
energy portfolio into a new asset class and is a natural expansion of previous
investments in photovoltaic and wind power plants,” said Dr. Klaus Wolf,
Managing Director of KGAL. “We now have more than €1.5 billion
in our renewable energy portfolio, with this investment marking another
milestone in the history of KGAL’s infrastructure investing. We are pleased to
team up with GE Energy Financial Services and retain ACS as a reliable partner
and service provider to the project. It underpins the long-term focus and
sustainability of our investment approach.”
Spain was
the first country to use concentrated solar power integrated with molten salt
storage. Sixteen 50-megawatt projects have been built in Spain in the last five
years, with another 25 under construction or planned. Worldwide, 30 concentrated solar power
projects are operating, 10 using molten salt storage and more than 20 under
construction or development.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest
globally across the capital spectrum in essential, long-lived, and
capital-intensive energy assets that meet the world’s energy needs. In addition
to capital, GE Energy Financial Services offers the best of GE.’s technical
know-how, technology innovation, financial strength, and rigorous risk
management. Based in Stamford, Connecticut, USA, the GE business unit helps its
customers and GE grow through new investments, strong partnerships, and
optimization of its approximately US$20 billion in assets. For more
information, visit http://www.geenergyfinancialservices.com.
GE (NYSE: GE) is an advanced technology,
services and finance company taking on the world’s toughest challenges.
Dedicated to innovation in energy, health, transportation and infrastructure,
GE operates in more than 100 countries and employs about 300,000 people
worldwide. For more information, visit the company’s Web site at www.ge.com.
About KGAL
KGAL GmbH & Co. KG, located in Grünwald near Munich (Germany), opens up intelligent
solutions for investors in the area of real capital investments for more than
40 years. As of December 31, 2010, the KGAL Group managed an investment volume
of €25.2 billion in real estate and investment entities in the following
sectors: aircraft, real estate, infrastructure, ships and private equity. KGAL
currently manages capital for investors with 111,700 equity investments in a
total of 159 active limited partnership funds. They include retail funds, funds
for institutional investors and individual investments for wealthy clients. The
investors have entrusted to KGAL €6.5 billion in equity capital for these funds. KGAL is an investment
company owned by Commerzbank, BayernLB, HASPA Finanzholding and Sal. Oppenheim. Subsidiaries are located
in Italy, Canada and Austria.
Photo: www.geenergyfinancialservices.com/images/Aereas_EXT_10-01-12_(113).JPG
.JPG){kind=link}
Note to Editors: Caption for Photo: GE
Energy Financial Services is investing with German fund KGAL in a 50-megawatt
parabolic trough concentrated solar power plant using molten salt energy
storage, shown here, in Badajoz, Spain.
Contact
GE Energy Financial Services
Christa Bowers
Office: +1-203-961-2934
Cell: +1-203-339-1434
KGAL GmbH & Co. KG
Andrea Fusenig,
Head of Marketing & Communications
Phone: +49-89 64143-533