Concentrated solar energy specialist Stirling Energy Systems (SES) last week announced that it has secured $100m in funding as it seeks to begin work on two major solar farms in southern California.
NTR plc, the Ireland-based renewable energy firm that recently sold its European wind farm operator Airtricity in a €1.1bn deal, has invested $100m in SES in return for a controlling stake in the firm.
SES president and chief executive Bruce Osborn said the funding would allow the company to move onto the next stage of its commercialisation plan, which will see it ramp up production of its SunCatcher solar energy generators as it begins work to fulfil long term, Power Purchase Agreements (PPA’s) with San Diego Gas & Electric (SDG&E) and Southern California Edison (SCE).
Under the terms of the deal SSE is to install two solar farms in the the Imperial Valley and Mojave Desert, which combined are expected to produce up to 1,750 MW of power.
The SunCatcher technology uses a large mirrored concentrator dish to direct sunlight onto a Stirling engine capable of turning the energy into electricity. Stirling engines work using a gas filled cylinder that contains a piston linked to a generator, as heat is applied to a set point on the cylinder the gas expands and cools driving the piston.
Earlier this year, SES claimed that the technology had set a new record for solar-to-grid system conversion efficiency after 31.25 per cent of the solar energy hitting one of its dishes was converted into usable electricity for the grid.
Jim Barry, Chief Executive of NTR plc said that the deal meant the firm was now well positioned in the fast growing solar power sector, adding that the company boasted strong "growth potential and a leading cost position".
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