Reuters reported that Torresol Energy, a JV between Spain's Sener and Abu Dhabi's Masdar, plans to invest up to USD 5 billion in the short term to build concentrated solar power plants in the Middle East, Spain and the US.

Mr Enrique Sendagorta president of Torresol Energy said that the company was aiming to add about 6,000 MW of capacity over the next three years and that one of the plants could be built in Abu Dhabi, in the United Arab Emirates.

He added that "We are developing a pipeline of projects in Spain, the US and in the Middle East North Africa region. The investment would range between USD 3.5 billion and USD 5 billion."

Mr Sendagorta said that the firm is optimistic of securing funding for the upcoming projects despite tough market conditions. He added that "Foreign banks are financing solar plants because it represents a steady cash flow."

Torresol Energy, a 60:40 JV between Sener and Abu Dhabi government owned green energy firm Masdar, connected two new 50 MW solar plants in Spain to the grid earlier this month. Between them, Valle 1 and Valle 2 are expected to produce 160 gigawatt hours of carbon free electricity a year.

Oil rich Abu Dhabi is aiming to get 7% of its electricity from renewable by 2020.

(Sourced from www.reuters.com)