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Solar Millennium has told NewNet that the decision to switch the first 500MW of the Blythe project in California from solar thermal to photovoltaic (PV) technology was due to market conditions, stating that there was no incentive to install a concentrated solar (CSP) project over a PV one at this time.
It said that it will decide which technology to use for the second half of the development once the initial installation has been completed and based on the market conditions at the time.
That strategy now applies for all its US solar installations, the spokesperson said, and the change of plan for Blythe does not in itself constitute a new policy to favour of PV over CSP.
Solar Millennium said the focus on peak load supply in the US and the falling cost of PV means that for the first part of construction on the Blythe project it was more economic to change technology. But it was keen to stress that the company may still develop the remainder of Blythe with CSP should conditions favour it and that this policy applies for all US solar developments.
The company has also repaid investors in its third corporate bond that was issued on 22 August 2006. The €20m funding had an annual fixed interest rate of 6.5 per cent and the financing gained from it was used to realise three parabolic trough installations in southern Spain, projects Adasol One to Three.
Christoph Wolff, CEO of Solar Millennium, said, 'On behalf of the company, I'd like to thank all of the bond's subscribers for the confidence you have shown. Your investments were a critical addition to the energy transition and made it possible to realise our flagship project Andasol, Europe's first parabolic trough power plants.
The third stage of the Andasol facility is being completed and is set to begin feeding electricity into the grid in October. In addition, Solar Millennium is developing two more solar thermal projects in Spain called Arenales and Ibersol.
The company also has bonds still available from the €100m issue it made on 7 March which can be subscribed to until the full volume has been placed or until 6 March 2012.
