Sunstroom Energy Investments has announced plans to build a 50 MW solar thermal electricity plant in Saucedilla, Cáceres, in the Extremadura province of Spain aiming to raise over 300 million euros to fund the project.
The Thermostroom 1 is to be completed in 2 years and generate an annual revenue of approximately 36 million euros, once operational.
The tariff paid by Sunstroom’s utility partners for the project’s renewable electricity output is guaranteed by Spanish law at €0.2784 per kWh during the first 25 years of the installation, and then at 75% of this level for the rest of the project life (approximately 40 years).
Iain Morrison, Managing Director of Sunstroom, says: “With our proven track record of developing solar plants in Spain and ongoing legislative incentives, we are confident that the Extremadura park will be yet another highly profitable project, generating consistent returns for our investors over its 40-year life.”
Sunstroom was founded in 2006 and has since established three solar power facilities in Spain in the provinces of Navarre, La Rioja and Castile La Mancha.
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