Abengoa to buy BrightSource’s stake in California power project

Spanish solar-thermal power developer Abengoa has agreed to acquire BrightSource Energy’s stake in the Palen Solar Energy Generating Station (PSEGS) project in California, US.

Post-acquisition Abengoa will become the sole developer for the PSEGS project. The proposed 500MW project, however, might be scaled-down by the firm, reports Bloomberg.

Financial details of the transaction are yet to be disclosed.

Abengoa intends to incorporate its molten salt tower proprietary technology for the project along with the already-in-use tower technology. The planned modifications are expected to increase the thermal energy storage capacity of the plant.

Project planning had initially proposed two towers for solar-thermal power generation, which only one has been approved for by the California Energy Commission (CEC). Abengoa is preparing to pursue approval for the second tower and intends to present a different configuration for power storage.

The US state plans to produce at least one-third of its power from renewable sources by 2020.

Proposed developments for the project seek to meet the consumer power requirements in California, Abengoa claimed.