Feeling the heat,

GE Energy Financial Services, together with Powerlight Corporation and Catavento Producao de Energia Eolica Lda, an independent Portuguese renewable energy company are building a $75 million HMW solar photovoltaic tracking project at Serpa. [GE Energy Financial Services is funding the entire project.]

Asked whether financing the deal 100% was an unusual move from GE Energy Financial Services, Peter Sweatman, Director of client operations in Southern Europe for Climate Change Capital, a specialist merchant banking group providing financial, strategic and policy advice for clean power and technology, said no. He described the project as a landmark one for Europe and for the Portuguese government "because of their strategic thrust in renewables (more than $1Billion committed). I don't think it is so unusual. It should be a very good benchmark project to watch."

Solar thermal poised to take off

Whereas solar photovoltaic technology - the direct conversion of sunlight into electricity - makes sense for smaller projects, building much larger solar power stations requires a look at solar thermal technologies. This technological approach uses mirrors to concentrate solar radiation using parabolic troughs, reflexive dishes or power towers to heat/boil a working fluid to spin a turbine and generate power.

"Solar thermal power stations does open up another very interesting opportunity. The efficiency levels through thermal are more interesting than photovoltaics" says CCC's Sweatman. "So we need to watch the space. Solar thermal is largely in the pilot phase with several projects in Spain at the pilot/or planning level, nothing yet is approaching the mainstream project financing stage."

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Feeling the heat,