Itochu, Abengoa in $660 million Spain solar plant deal

TOKYO (BestGrowthStock) – Japanese trading house Itochu Corp (8001.T: ) said on Monday it and Spain’s Abengoa Solar (ABG.MC: ) will build and own two 50-megawatt solar thermal plants in southern Spain in a project costing more than 500 million euros ($660 million).

Itochu will take a 30 percent stake in the project, while Spain’s solar mirror power plant builder Abengoa will hold the rest. The plants will start operating in 2012.

The firms will secure about 340 million euros through project financing.

The facilities will produce power for 52,000 households and reduce carbon dioxide emissions by 63,000 tones per year, Itochu said.

The two firms also signed an agreement to look for opportunities for further cooperation in the solar thermal sector in Asia and Europe, the company added.

(Reporting by Osamu Tsukimori; Editing by Joseph Radford)

Itochu, Abengoa in $660 million Spain solar plant deal