Thermosolar Valle 1&2 Spain

Promoter – Financial Intermediary

Torresol Energy Investments

Location

• Spain

Description

The project concerns the construction and operation of 2 solar thermal power generation plants, each with a capacity of 50 MW and using molten salt storage technology; located near Cadiz (Andalusia / Spain).

Objectives

The development of renewable energy will support EU and national targets for renewable energy generation and contribute to environmental and security of energy supply objectives. Electricity generation from concentrated solar power will displace fossil fuel-fired generation and the associated emissions of greenhouse gases and other emissions (SO2, NOx).

Sector(s)

• Energy

Proposed EIB finance (Approximate amount)

Up to EUR 330 million.

Total cost (Approximate amount)

Approximately up to EUR 660 million.

Environmental aspects

By virtue of its technical characteristics the project falls under Annex II of Directive 85/337/EC, as amended by 97/11/EC and 2003/35/EC, which leaves the requirement for an Environmental Impact Assessment (EIA) to be determined by the competent national authorities. In this case the Spanish authorities have required an EIA to be carried out. The outcome of the EIA procedure was favourable and the environmental authorisation was awarded in May 2009. Details of the environmental assessment procedures applied will be reviewed by the Bank during appraisal to verify compliance with the Bank’s environmental policy.

Procurement

Neither the promoter nor the special purpose companies are subject to EU Procurement Directives. Suitable procurement procedures, including an appropriate selection of works, goods and services offered at competitive prices should be applied in the project’s best interests. Details will be verified during appraisal.

Status

Signed - 21/07/2011