Wednesday, November 25, 2009
E.On, Abengoa To Build Two Solar Plants In Spain
By Polya Lesova
MarketWatch Pulse
FRANKFURT -- German utility E.On AG and Spanish firm Abengoa SA said Wednesday they have formed a 50:50 partnership to jointly own and operate two 50-Megawatt concentrating solar power plants in Spain. The plants, which are already under construction, will require a total investment of 550 million euros ($827 million). They are located in Ecija in southern Spain, one of the best areas in Europe in terms of solar radiation, the companies said. The solar facilities will produce enough power to supply 52,000 homes and will start operation in 2011 and 2012, respectively. E.On's participation in the projects is still subject to approval by the European Commission under merger control. E.On plants to invest 8 billion euros in renewable-generation and climate-protection projects between 2007 and 2011.
Copyright © 2009 MarketWatch, Inc.
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