EIB offers $120m loan to salt-based CSP project

The European Investment Bank (EIB) continues its massive roll-out of loans to the renewables sector, promising €80m ($119.8m) to Gemasolar, a cutting-edge concentrating solar power (CSP) plant being built in Spain.

The 17-megawatt (MW) Gemasolar project is being built near Seville by Torresol Energy, a joint venture owned 60% by Spanish engineering firm Sener and 40% by Masdar, Abu Dhabi’s renewables development vehicle.

Gemasolar, which started construction in November 2008, will be the world's first commercial-scale CSP plant to utilise a molten salt heat-storage system. The project will incorporate a central tower and 2,600 heliostats, or sun-tracking mirrors.

Torresol claims that by using molten salt to generate steam, as opposed to the synthetic oil used by existing CSP projects, it will be able…

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