GE expands solar investment with Spanish plant—$152.5M deal: Plant uses molten salt storage…

GE expands solar investment with Spanish plant

$152.5M deal: Plant uses molten salt storage technology

Richard Lee, Staff Writer
Published 09:00 p.m., Monday, November 7, 2011

GE Energy Financial Services is investing with German fund KGAL in a concentrated solar power plant using molten salt energy storage, shown here, in Badajoz, Spain. Photo: Contributed Photo / Stamford Advocate Contributed

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The Stamford unit of Fairfield-based GE and German fund KGAL have jointly invested about $152.5 million in a 50-megawatt parabolic trough concentrated solar plant, which uses molten salt energy storage, in Badajoz, Spain.

GE Energy Financial Services and KGAL agreed to invest equity in Extresol II, developed by Spain-based ACS, Europe's largest maker of solar thermal power plants.

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"This transaction complements our growing European renewables portfolio and brings with it a different technology -- concentrated solar power with salt storage -- working with strong local partners," said Andrew Marsden, a managing director and European leader at GE Energy Financial Services, in prepared comments.

The investment is GE Energy Financial Services' first in a concentrated solar power plant using molten salt storage.

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