Electronics giant General Electric (GE) has closed a strategic investment worth $40m into US solar thermal developer eSolar. As part of the deal the CEO of GE's thermal products division Paul Browning will join the board of eSolar.
John Van Scoter, CEO of eSolar, said, 'Building on our proven technology, this investment will fund the development of next-generation, modular solutions that enhance the cost competitiveness of solar, such as molten salt storage technology. We welcome Browning to our board as a valuable asset in driving the strategic direction of the company during this time of rapid growth.'
GE had recently unveiled its Integrated Solar Combined Cycle (ISCC) power plant which combines eSolar's technology with GE's combined cycle products. The facility includes a gas turbine, steam turbine, generators and a heat recovery system generator, along with a field of mirrors focussing sunlight on a central collection tower that produces steam. During the day, steam generated in the solar field is fed into the water-steam system creating extra power and during the night or heavy cloud periods the plant continues to run using natural gas. The companies claim the system is capable of delivering fuel efficiencies of more than 70 per cent.
A licensing agreement between the companies gives GE exclusive global rights (excluding China and India) to eSolar's modular technology for ISCC. The two companies intend to target Europe, the US, the Middle East and Africa, and are currently working on a 530MW project in Turkey with local developer MetCap Energy.
Browning said, 'Intermittent renewable energy has always worked in tandem with flexible natural gas through grid integration. As renewable uptake increases around the world, we recognise the need for combined cycle gas turbine technology that delivers both flexibility and world class efficiency. We believe that this combination of flexible and efficient gas with renewables can help meet near and long term global targets for climate change, cost and reliability. It is the future of power generation.'
GE recently partnered with German wind developer Prowind for 300MW of wind projects in Romania and at the end of July joined an investment consortium that provided $10m for energy efficient lighting specialist Nuventix.