GE Energy Financial Services, the corporate venturing unit belonging to US-based energy company General Electric, and KGAL, an investment firm backed by several Germany-based banks, agreed on Friday to jointly invest €111.1m ($155.6m) in a concentrated solar power plant in Spain.
The Extresol II plant, which uses molten salt energy storage, is situated in the Badajoz region of Spain and was constructed by Spain-based construction and technology company ACS. The funding marks the first investment GE has made in a molten salt storage facility.
Andrew Marsden, managing director at GE Energy Financial Services, said: "This transaction complements our growing European renewables portfolio and brings with it a different technology – concentrated solar power with salt storage – working with strong local partners. Such investments also support ecomagination, GE’s business strategy to create value for customers by solving energy, efficiency and water challenges."