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Felicia Bellows June 29, 2011 CSP Today -- CSP vs PV

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CSP Today -- CSP vs PV. Felicia Bellows. June 29, 2011. Who is Torresol Energy?. 40%. 60%. - PowerPoint PPT Presentation

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Page 1: Felicia Bellows

Felicia Bellows June 29, 2011

CSP Today -- CSP vs PV

Page 2: Felicia Bellows

2 © TORRESOL ENERGY – April 2011

Founded in 1956, SENER ranks as the largest privately owned engineering company in Spain. The company is recognized for its capacity to deliver innovative and highly complex multi-disciplinary projects.

60% 40%

Owned by the government of Abu Dhabi (UAE) through the Mubadala Development Company, Masdar is committed to developing and delivering energy solutions.

Who is Torresol Energy?

Page 3: Felicia Bellows

3 © TORRESOL ENERGY – April 2011

Gemasolar: Need I Say More?

Molten salt receiver, 120 MWth, 20 Mwe, 15 hrs. TES, 6,500 hr/yr

Page 4: Felicia Bellows

4 © TORRESOL ENERGY – April 2011

Barcelona

Granada

Valencia

Madrid

MarbellaCádiz

Gibraltar

Málaga

Granada

El EjidoAlmeria

Cartagena

Murcia

Alicante

Albacete

Córdoba

Sevilla

Badajoz

Salamanca

Valladolid

Oviedo

Gijón

Burgos

Santander Bilbao

VitoriaSan Sebastian

Pamplona

Zaragoza Lleida

Tarragona

La Coruña

Vigo

Cuenca

Cáceres

Jaén

CiudadReal

Segovia

Palma

SENER CSP Experience

SENER has participated in the design and construction of 20 CSP units in Spain and the USA with a total installed capacity, once in operation, of more than 1,100 MW.

Plant Country Customer Type of contractAndasol I Spain ACS-Cobra EPCAndasol II Spain ACS-Cobra EPCExtresol I Spain ACS-Cobra EPCExtresol II Spain ACS-Cobra EPCExtresol III Spain ACS-Cobra EPCSAMCA I Spain SAMCA

RenovablesEngineering

SAMCA II Spain SAMCA Renovables

Engineering

SAMCA III Spain SAMCA Renovables

Engineering

Termosol I Spain NextEra Energy

EPCM

Termosol II Spain NextEra Energy

EPCM

Genesis I USA NextEra Energy

Basic design whole plant,EPCM solar

FieldGenesis II USA NextEra

EnergyBasic design whole plant,EPCM solar

FieldGemasolar Spain Torresol EPCASTE I Spain Elecnor EPC, solar fieldASTE II Spain Elecnor EPC, solar fieldOrellana Spain Acciona

EnergíaEPC, solar field

Soluz Guzman

Spain FCC - ABANTIA EPC, solar field

Valle I Spain Torresol EPCValle II Spain Torresol EPCLa Africana Spain TSK - Ortiz EPC, solar field

In blue: projects in operation

Page 5: Felicia Bellows

5 © TORRESOL ENERGY – April 2011

• Established in April 2006, Masdar (the Abu Dhabi Future Energy Company) is focused on development, commercialization and deployment of renewable energy solutions and clean technologies.

• The first major hydrocarbon-producing nation to take such a step, it has established its leadership position by launching the Masdar Initiative, a global cooperative platform for open engagement in the search for solutions to some of mankind's most pressing issues: energy security, climate change and truly sustainable human development.

• Masdar consists of three business units and one investment arm:

Masdar Carbon specializes in developing energy efficiency and clean fossil fuel projects to bring about reductions in carbon emissions

Masdar City is a clean technology cluster being developed on the outskirts of Abu Dhabi that is expected to be powered entirely by renewable energy

Masdar Power builds and invests in utility scale renewable energy power projects Masdar Venture Capital manages the Masdar Clean Tech Funds, a series of diversified venture capital

investment vehicles focused on building portfolios of direct investments in clean technology and renewable energy

• MASDAR, without Torresol Energy, also is developing CSP plants in Abu Dhabi, and their first plant “Shams 1” is expected to be completed in 2011.

Page 6: Felicia Bellows

6 © TORRESOL ENERGY – April 2011

CSP & PV – The Product • Not the same product• Not the same cost• Not the same value• Not comparable• PV’s product represents a portion of CSP’s• PV offers energy only• CSP offers energy, storage, full dispatchability & grid ancillary services• Utilities want what CSP provides, but cannot justify purchasing with

current regulation• Translation ……. Regulatory issue • Without incentives, heading toward price driven decisions which are

not good in the long-term for the grid

Page 7: Felicia Bellows

7 © TORRESOL ENERGY – April 2011

SENER Spain Experience: Gemasolar 20 MW

GENERAL DATA

Name of the Plant GEMASOLAR

Location Fuentes de Andalucía - Sevilla (Spain)

Owner TORRESOL

Role of SENER EPC risk sharing partner

+ complete design responsability

Status In construction

Start of operation April 2011

TECHNICAL DATA

Total mirror surface 3.3 MM sq. feet

Number of heliostats 2,650

Field surface area 355 Acres

Nominal receiver capacity 120 MWth

Tower height 459 feet

Thermal Storage Capacity 670 MWhth (15 h)

Turbine capacity 20 MWe

Thermal Cycle Efficiency 40%

Annual DNI 2.172 KWh/m2

OPERATION

NG hibridation 15%

Annual equivalent hours 6.500 h/year

Annual Capacity Factor 74%

Page 8: Felicia Bellows

8 © TORRESOL ENERGY – April 2011

Advantage of a SENERTower Plant with Thermal Storage

During the summertime, Gemasolar can supply energy continuously to the grid.

*Gemasolar computer simulation for July

Page 9: Felicia Bellows

9 © TORRESOL ENERGY – April 2011

CSP vs PV -- Financing

• PV is considered more easily financeable• US financing for CSP has mostly been DOE• Internationally, CSP has been project financed• Key is size. Mega projects do not make sense for

project financing. US CSP developers need to rethink approach here to secure project financing.

• Torresol Energy & SENER are examples of successful project financings for CSP.

Page 10: Felicia Bellows

10 © TORRESOL ENERGY – April 2011

Gemasolar is the first SENERTower in the world. It has 15 hours of storage.

Total Investment

Debt

Equity

0 50 100 150 200 250 300

73 M€

171 M€

244 M€

29,9%

70,01%

Gemasolar FinancingNovember, 2008 – Closed Project Financing

November 2009 - Refinancing

33,33% 33,33%33,33%

Total Debt

Remaining Banks

EIB

0 50 100 150 200 250 300

46,8%

53,2%

80 M€

91 M€

171 M€

Digital Image of Gemasolar

Characteristics Amount

Number of heliostats 2600

Total reflective area (m2) 300

Tower height (m) 140

Turbine power (MWe) 19.9

Storage size (hours) 15

Page 11: Felicia Bellows

11 © TORRESOL ENERGY – April 2011

Valle 1 & Valle 2 are the only simultaneously closed project financed projects involving twin plants in Spain to date

Valle 1 & Valle 2 FinancingJuly,2009 – Closed Project Financing

17,6%

17,6%

16,3%

16,3%

14,6%

8,8%

8,8%

Valle 1 & Valle 2 -Europe Clean Technology Deal of the Year (February 2010)

156 M€

540 M€

696 M€Total Investment

Debt

Equity

0 100 200 300 400 500 600 700 800

Technical Data Valle 1 Valle 2 

Reflective Surface 510.000 m2   510.000 m2 

Number of Collectors 156 

156 

Thermal Storage Capacity 6.8 hours  

6.8 hours

 

Power of the turbine 50 MW   50 MW

540 M€

696 M€

Page 12: Felicia Bellows

12 © TORRESOL ENERGY – April 2011

End of Construction Dec 2010

Page 13: Felicia Bellows

13 © TORRESOL ENERGY – April 2011

May 2011

Page 14: Felicia Bellows

14 © TORRESOL ENERGY – April 2011