JGC and Abengoa Solar have formed a partnership to own two 50MW concentrating solar power (CSP) plants in El Carpio, Spain.

Abengoa will also operate both facilities and retain control of the project with a 74% stake.

The two CSP plants will require an investment of over €50m, of which a total of about €350m has been raised through a project finance loan.

Utilising parabolic trough technology, the plants will produce electricity to meet the needs of 52,000 households and achieve emissions reductions totalling about 63,000t of CO2 per year.

The plants, which are currently being built by Abengoa companies Abener and Teyma, are due to come onstream in early 2012 and sell power to the grid based on the Spanish feed-in tariff system.

In August 2010, Abengoa Solar and JGC concluded the finance agreements with four international commercial banks: SMBC, HSBC, Mizuho and BNP Paribas.