Weekly Intelligence Brief: February 2 - 9

This week’s CSP Today news brief includes the following companies and organisations: Brenmiller Energy; Abengoa, EIG, APW1; Saeta Yield, ACS, Spanish Securities Exchange Commission; CSP Today, Mesia, ACWA Power.

Brenmiller Energy to build a 10 MW hybrid CSP-biomass plant with storage

The Israeli company announced on Monday, February 9th that it will build a 10 MW hybrid CSP-biomass plant in the desert of Dimona, in southern Israel. The plant will include thermal storage to produce electricity 20 hours a day.

According to Reuters, the cost of the project is around 300 million shekel (USD$77,27 million), which will be funded by the company “to help promote the system to clients worldwide.”

The 10 MW plant will be built on a 110 acres field (45 hectares) and will make use of biomass to produce power during the hours of the day in which solar energy is insufficient. The company said it expects the project to be completed in early 2017.

Brenmiller Energy’s founder, Avi Brenmiller, was a co-founder and chief executive of Solel Solar, a producer of concentrated solar power fields. Solel Solar was acquired by Siemens in 2009 for USD$418 million.

Abengoa and U.S. fund EIG to reach agreement on USD$2.5 billion investment

Abengoa and U.S. energy infrastructure fund EIG Global Energy Partners (EIG) are in the final stages of negotiation of a joint investment in ten projects owned by Abengoa. The transaction is expected to be completed over the next four to six weeks, said the Spanish company in a press release last week.

As part of the transaction, a new company was set up under the name of Abengoa Projects Warehouse 1 (APW1). The newly formed entity will group Abengoa’s projects under construction, including renewable and conventional power generation assets in the U.S., Mexico, Brazil and Chile.

The total investment will be around USD$2.5 billion, of which 55% will be held by EIG, and the remaining 45% by Abengoa. The Spanish company also indicated it would deliver a press conference on 9 February 2015 to inform the public about the company’s financial situation, following last year's fall in the stock market.

Both companies have made joint investments in the past, specifically in 2007 when they developed an ethanol plant in France.

Saeta Yield shares to be listed at EUR 10,45 and 12,25 

Saeta Yield, ACS’ renewable energy unit, is planning to list their shares in the Madrid Stock Exchange on 16 February 2015 at a price of between EUR 10,45 and 12,25. If successful, the projected market value of the company would be around EUR 852 and 1,000 million.

Saeta Yield’s shares will be traded under the ticker symbol “SAY”, according to the information presented by the company to the Spanish Securities Exchange Commission (CNMV, for its Spanish acronym). The company is expected to set the definitive price of its shares on 12 February.

The company’s assets include 16 wind farms in Spain, with a total capacity of 539 MW and three CSP plants, also in Spain, with a combined generation capacity of 150 MW.

Two weeks ago, the company agreed to sell 24,4% of Saeta Yield’s shares to the U.S. fund GIP, a deal worth in between EUR 208 and 243 million. ACS will own a 25,5% share in Saeta Yield.

GIP also announced that it will acquire a 49% stake in another company owned by ACS, which will include the remaining 460 MW of renewable energy assets of the company located in Spain, Portugal, Mexico, Uruguay and Peru.

CSP Today to participate as media partner at Mesia’s breakfast with ACWA Power

On 12 February 2015, the Middle East Solar Industry Association will host a breakfast with Paddy Padmanathan, CEO of ACWA Power, in Dubai.

The company has recently been awarded large-scale solar PV and CSP projects at record-low prices. In fact, in just two weeks ACWA Power has won 610MW in solar project bids in the MENA region, including 350MWp of CSP projects in Morocco and a 260MWp solar PV project in the UAE.

During the meeting, Mr. Padmanathan will outline details on finance structuring and lessons learnt on how to make business in the region.

The meeting will take place on Thursday 12 February at the Emirates Towers Hotel in Dubai, from 8.30am to 10.30am.
For more information about the event and how to register, visit: http://goo.gl/fbw6Oa
Or get it touch with Micheline Thienpont at micheline@mesia.com