Mitsubishi Corporation has entered the concentrated solar power (CSP) market with investments in four CSP power plants in Spain. The four plants were held by Spanish solar power giant, Acciona, and generate a total of 200 MW of electricity. Mitsubishi now owns 15 percent of Acciona’s concentrated solar power in Spain.
along with three Japanese investment banks have agreed to finance Acciona with support from Nippon Export Investment Insurance. This makes Mitsubishi the largest owner of concentrated solar power of any Japanese company to date.
Mitsubishi plans to benefit greatly from the investment into Acciona’s concentrated solar power
plants in Spain
thanks to Acciona’s established pre-allocation relationship with the country’s energy regime. The garrement allows Acciona’s solar projects to receive special funding for operations through the Spain’s renewable energy feed-in tariff.
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Of the four power plants Mitsubishi invested in, three are already operational, while the fourth—the Palma del Rio power plant—is expected to come online in the fall, generating 450 million kW hours of electricity, reducing CO2 emissions by 430,00 tons.
Concentrated solar power—unlike photovoltaic solar panels—concentrates the sun’s heat to boil water and generate steam to power turbines, thus creating electricity.
Mitsubishi Corp. is Japan’s largest trading company with 200 bases of operation in over 80 countries, employing over 55,000 people. Mitsubishi’s investment in the concentrated solar power market marks a new income stream for the company, which is already invested in over 500 group companies involved in various different market sectors.