"It’s on schedule," Michael Geyer, Abengoa Solar’s director of international business development, said at the World Future Energy Summit in the U.A.E. capital that ends today. Masdar was placed in charge of developing Abu Dhabi’s renewable energy sector in June last year. It appointed Abengoa and French firm Total as partners on the Shams 1 project. US$600 million capital expenditure is required for the project. Abengoa and Total own 20 percent each while Masdar owns the rest.
Frank Wouters, Masdar’s head of power has stated that the bank loan for the project has not been fully complete but will be sealed soon. Masdar and its partners were expecting to seal the deal by the end of last year. According to Geyer, when the plant is connected to the grid, it will be the largest CSP plant in the world.
The Shams 1 plant will sell power to state utility Abu Dhabi Water and Electricity or Adwec for the difference between average domestic power generation cost and generation cost for the CSP project.