Felicia Bellows June 29, 2011
CSP Today -- CSP vs PV
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Founded in 1956, SENER ranks as the largest privately owned engineering company in Spain. The company is recognized for its capacity to deliver innovative and highly complex multi-disciplinary projects.
60% 40%
Owned by the government of Abu Dhabi (UAE) through the Mubadala Development Company, Masdar is committed to developing and delivering energy solutions.
Who is Torresol Energy?
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Gemasolar: Need I Say More?
Molten salt receiver, 120 MWth, 20 Mwe, 15 hrs. TES, 6,500 hr/yr
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Barcelona
Granada
Valencia
Madrid
MarbellaCádiz
Gibraltar
Málaga
Granada
El EjidoAlmeria
Cartagena
Murcia
Alicante
Albacete
Córdoba
Sevilla
Badajoz
Salamanca
Valladolid
Oviedo
Gijón
Burgos
Santander Bilbao
VitoriaSan Sebastian
Pamplona
Zaragoza Lleida
Tarragona
La Coruña
Vigo
Cuenca
Cáceres
Jaén
CiudadReal
Segovia
Palma
SENER CSP Experience
SENER has participated in the design and construction of 20 CSP units in Spain and the USA with a total installed capacity, once in operation, of more than 1,100 MW.
Plant Country Customer Type of contractAndasol I Spain ACS-Cobra EPCAndasol II Spain ACS-Cobra EPCExtresol I Spain ACS-Cobra EPCExtresol II Spain ACS-Cobra EPCExtresol III Spain ACS-Cobra EPCSAMCA I Spain SAMCA
RenovablesEngineering
SAMCA II Spain SAMCA Renovables
Engineering
SAMCA III Spain SAMCA Renovables
Engineering
Termosol I Spain NextEra Energy
EPCM
Termosol II Spain NextEra Energy
EPCM
Genesis I USA NextEra Energy
Basic design whole plant,EPCM solar
FieldGenesis II USA NextEra
EnergyBasic design whole plant,EPCM solar
FieldGemasolar Spain Torresol EPCASTE I Spain Elecnor EPC, solar fieldASTE II Spain Elecnor EPC, solar fieldOrellana Spain Acciona
EnergíaEPC, solar field
Soluz Guzman
Spain FCC - ABANTIA EPC, solar field
Valle I Spain Torresol EPCValle II Spain Torresol EPCLa Africana Spain TSK - Ortiz EPC, solar field
In blue: projects in operation
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• Established in April 2006, Masdar (the Abu Dhabi Future Energy Company) is focused on development, commercialization and deployment of renewable energy solutions and clean technologies.
• The first major hydrocarbon-producing nation to take such a step, it has established its leadership position by launching the Masdar Initiative, a global cooperative platform for open engagement in the search for solutions to some of mankind's most pressing issues: energy security, climate change and truly sustainable human development.
• Masdar consists of three business units and one investment arm:
Masdar Carbon specializes in developing energy efficiency and clean fossil fuel projects to bring about reductions in carbon emissions
Masdar City is a clean technology cluster being developed on the outskirts of Abu Dhabi that is expected to be powered entirely by renewable energy
Masdar Power builds and invests in utility scale renewable energy power projects Masdar Venture Capital manages the Masdar Clean Tech Funds, a series of diversified venture capital
investment vehicles focused on building portfolios of direct investments in clean technology and renewable energy
• MASDAR, without Torresol Energy, also is developing CSP plants in Abu Dhabi, and their first plant “Shams 1” is expected to be completed in 2011.
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CSP & PV – The Product • Not the same product• Not the same cost• Not the same value• Not comparable• PV’s product represents a portion of CSP’s• PV offers energy only• CSP offers energy, storage, full dispatchability & grid ancillary services• Utilities want what CSP provides, but cannot justify purchasing with
current regulation• Translation ……. Regulatory issue • Without incentives, heading toward price driven decisions which are
not good in the long-term for the grid
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SENER Spain Experience: Gemasolar 20 MW
GENERAL DATA
Name of the Plant GEMASOLAR
Location Fuentes de Andalucía - Sevilla (Spain)
Owner TORRESOL
Role of SENER EPC risk sharing partner
+ complete design responsability
Status In construction
Start of operation April 2011
TECHNICAL DATA
Total mirror surface 3.3 MM sq. feet
Number of heliostats 2,650
Field surface area 355 Acres
Nominal receiver capacity 120 MWth
Tower height 459 feet
Thermal Storage Capacity 670 MWhth (15 h)
Turbine capacity 20 MWe
Thermal Cycle Efficiency 40%
Annual DNI 2.172 KWh/m2
OPERATION
NG hibridation 15%
Annual equivalent hours 6.500 h/year
Annual Capacity Factor 74%
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Advantage of a SENERTower Plant with Thermal Storage
During the summertime, Gemasolar can supply energy continuously to the grid.
*Gemasolar computer simulation for July
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CSP vs PV -- Financing
• PV is considered more easily financeable• US financing for CSP has mostly been DOE• Internationally, CSP has been project financed• Key is size. Mega projects do not make sense for
project financing. US CSP developers need to rethink approach here to secure project financing.
• Torresol Energy & SENER are examples of successful project financings for CSP.
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Gemasolar is the first SENERTower in the world. It has 15 hours of storage.
Total Investment
Debt
Equity
0 50 100 150 200 250 300
73 M€
171 M€
244 M€
29,9%
70,01%
Gemasolar FinancingNovember, 2008 – Closed Project Financing
November 2009 - Refinancing
33,33% 33,33%33,33%
Total Debt
Remaining Banks
EIB
0 50 100 150 200 250 300
46,8%
53,2%
80 M€
91 M€
171 M€
Digital Image of Gemasolar
Characteristics Amount
Number of heliostats 2600
Total reflective area (m2) 300
Tower height (m) 140
Turbine power (MWe) 19.9
Storage size (hours) 15
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Valle 1 & Valle 2 are the only simultaneously closed project financed projects involving twin plants in Spain to date
Valle 1 & Valle 2 FinancingJuly,2009 – Closed Project Financing
17,6%
17,6%
16,3%
16,3%
14,6%
8,8%
8,8%
Valle 1 & Valle 2 -Europe Clean Technology Deal of the Year (February 2010)
156 M€
540 M€
696 M€Total Investment
Debt
Equity
0 100 200 300 400 500 600 700 800
Technical Data Valle 1 Valle 2
Reflective Surface 510.000 m2 510.000 m2
Number of Collectors 156
156
Thermal Storage Capacity 6.8 hours
6.8 hours
Power of the turbine 50 MW 50 MW
540 M€
696 M€
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End of Construction Dec 2010
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May 2011
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