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Sacyr, Solel sign 850 mln euro solar power deal

Fri Feb 29, 2008 9:53am EST

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MADRID, Feb 29 (Reuters) - Spanish builder Sacyr Vallehermoso (SVO.MC) agreed to build and operate three solar power plants in Seville with Israel's Solel for an investment of 850 million euros ($1.3 billion).

Sacyr said on Friday the thermal solar plants would have a total capacity of 150 Megawatts (MW) and that the investments would be split 50-50 between the two companies.

Solel Solar Systems, which makes solar thermal technology for power plants, will also build a factory nearby, investing 90 million euros.

Sacyr is one of several Spanish construction companies which have branched out into the non-cyclical energy sector to shield themselves from a slowdown in construction and housing.

In 2006, it bought a 20 percent stake in oil and gas company Repsol YPF (REP.MC). (Reporting by Carlos Ruano; Editing by David Holmes)



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