August 7, 2008 / 2:10 PM / 11 years ago

Abengoa gets 280 mln euros for solar energy plants

MADRID, Aug 7 (Reuters) - Spanish energy company Abengoa (ABG.MC) has obtained 280 million euros ($433 million) of financing to build four solar power plants, it said on Thursday.

Abengoa will receive 210 million euros to fund the 50 megawatt Solnova 4 solar thermal plant to be built in southern province Seville from 12 banks including Banesto BTO.MC.

The remaining 70 million euros has come from three banks including La Caixa — Spain’s largest unlisted bank — for three photovoltaic (PV) generators, two of which will be located in Seville and the other in Jaen province, in the south of Spain.

Solnova 4 is part of a complex which Abengoa plans to have a total installed capacity of 300 MW when complete.

An Abengoa statement provided no details of the planned capacity of the photovoltaic generators but Spain’s government has decided to cut back sharply on generous subsidies to the PV industry.

PV panels convert sunlight directly into electricity, whereas solar thermal plants concentrate the sun’s rays and provide heat to drive a turbine and run a conventional generator. (Reporting by Martin Roberts, editing by Anthony Barker)

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