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FCC and MITSUI partner to develop solar thermal power in Spain

05/11/2010

FCC and MITSUI partner to develop solar thermal power in Spain

FCC Energía, the citizen services group's energy division, and Japanese multinational Mitsui & Co. Ltd. have partnered to develop solar thermal power in Spain. This morning they laid the first stone on their first project:  the Guzmán solar thermal power plant in Palma del Río (Córdoba).

FCC and MITSUI partner to develop solar thermal power in Spain

FCC Energía, the citizen services group's energy division, and Japanese multinational Mitsui & Co. Ltd. have partnered to develop solar thermal power in Spain. This morning they laid the first stone on their first project:  the Guzmán solar thermal power plant in Palma del Río (Córdoba).

The facility will have an installed capacity of 50MW and will cost 260 million euro. The partners aim to use project finance to fund the initiative. FCC Energía will maintain a 70% stake in the plant.

Eduardo Gonzalez, CEO of FCC Energía, said This partnership with Mitsui demonstrates the interest of the international investment community in Concentrating Solar Power (CSP) projects in Spain and reinforces the clear objective of FCC Group to develop its energy division.

Shintaro Ambe, Mitsui's Chief Operating Officer, highlighted the importance of collaborating with a reliable partner of FCC's calibre". We believe that CSP will be a key technology for mitigating global warming and we are proud to take part in this environmentally-friendly power generation project."

According to Ambe, Mitsui plans to use its experience in managing large energy and infrastructure projects "for the successful development of this initiative, which will expand our global presence in the field of solar energy." Ambe also stated that the partnership complements Mitsui's business activity in the energy field in Spain, where the company already owns a 1.5MW photovoltaic (PV) plant and 18 hydro power stations (84MW).

Construction of the plant commenced in July and it is expected to become operational in December 2012. A consortium led by FCC Industrial is building the plant. The plant will benefit from its ideal location in Palma del Río: it is among the top European cities in terms of abundance of solar radiation, and it has easy access to water and gas supply and adequate power offtake structures. The plant will produce enough energy to meet the electricity needs of 26,000 households and achieve emissions reductions totalling approximately 30,000 tons of CO2 per year.

The agreement between FCC Energía and Mitsui Co. & Ltd. must be authorised by the European Union's competition authorities; both companies expect an answer in the near future.

About FCC

FCC Energía focuses on the development and application of technology for generating electricity from the sun, wind, water and waste. The company has 442MW in operational wind assets and 22MW operational PV capacity, as well as two solar thermal plants (50MW) under construction in Spain.

FCC is a citizen services group which operates in the following sectors: infrastructure (cement, construction and industrial services), environmental services, water, and energy. It has a presence in more than 50 countries and a staff of over 92,000.

About Mitsui

Mitsui & Co. Ltd is a highly-diversified global company with trade, investment and services interests. It is headquartered in Tokyo and has a network of 139 offices and 461 subsidiaries and associated companies worldwide. (http://www.mitsui.co.jp/en/index.html).

Mitsui has strategic investments in energy and other infrastructure projects worldwide, including a PV power station (1.5MW) and 18 hydro power stations (total 84MW) in Spain, in alliance with various companies; this project will add another key asset to our portfolio.

The company's total worldwide installed power generation capacity is approximately 6,000 MW. Mitsui recognises the need to deliver solutions to global environmental issues, and is actively seeking to participate in renewable energy projects.

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