General Electric Energy Financial Services, in partnership with German fund KGAL, will invest €111m in a parabolic trough concentrated solar power (CSP) plant in Badajoz, Spain.
The firms will utilise molten salt energy storage for the 50MW thermosolar plant, Extresol II developed by ACS, the Spain-based solar thermal power plants operator.
Additional financial terms of the project have not been disclosed.
Cobra, a subsidiary of ACS, has been appointed to provide operations and maintenance services for the plant.
The renewable electricity generated by the plant will meet the power needs of 37,900 homes in Spain and displaces 149,000t of carbon dioxide a year.