GE BUYS INTO ADVANCED SOLAR POWER PLANT

GE Unit Invests with Germany's KGAL in 50-MW Spanish Concentrated Solar Power Plant Featuring Salt Energy Storage
October 28, 2011 (GE Financial Services)

"…GE Energy Financial Services… 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…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…"

The GE Energy Financial Services/KGAL 50-megawatt parabolic trough concentrated solar power plant using molten salt energy storage in Badajoz, Spain (click to enlarge)

"This investment is GE Energy Financial Services’ first in a concentrated solar power plant using molten salt storage. Concentrated solar power…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.

"…[Extresol II] 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…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…"