InfraRed doubles up in Spanish solar

The London-based infrastructure investment firm has reached financial close on equity participations in two concentrated solar projects in Spain. Total funding for the two projects is in excess of €500m.

UK investor InfraRed Capital Partners (InfraRed) has reached financial close to acquire equity participations in two concentrated solar projects (CSPs) in Spain. The size of the equity participations and amount paid has not been disclosed. 

The CSP plants, located at Morón de la Frontera in Andalucia and Olivenza in Extremadura, are being constructed by a joint venture between Spanish developer Acciona and Spanish engineering firm Idom and are scheduled for completion in summer 2012. 

A statement from InfraRed said that “funding of in excess of €500 million” is being provided “through a combination of shareholder funds and senior debt from two banking clubs”.

In the same statement, Richard Crawford, a director of infrastructure at InfraRed, said: “These are utility-scale developments which, when constructed, will provide in aggregate up to 100 megawatts of renewable energy”. 

The plants use so-called parabolic trough technology, by which trough-shaped mirrors concentrate sunlight onto receiver tubes in which thermal heat transfer fluid is heated to 400 degrees centigrade. This produces superheated steam which drives a steam turbine. 

InfraRed was formed following a management-led spinout from HSBC in April 2011. HSBC remains a minority shareholder in the firm, which has offices in London, Hong Kong, New York and Paris.