The Extremadura solar thermal park will cover a surface area of 271 hectares, and will be producing renewable electricity in one of the sunniest regions in the world. The park, called Thermostroom 1, will use concentrating solar power (CSP) technology in the form of parabolic mirrors. The stored heat, in the form of steam, drives a turbine to produce electricity.
Sunstroom says it aims to raise over 300 million to fund the project.
Construction of Thermostroom 1 is expected to take 24 months and, once fully operational, it will generate a projected annual revenue of approximately 36 million.
Thermostroom 1 has full support from local municipalities and mayors, according to Sunstroom, which already has secured a lease on the site, along with outline planning, environmental and operational permits.
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.