Kyotherm entered into a financing agreement with the company CSIN, a joint venture between the companies Solatom and Indertec (an affiliate of the Grupo Simetria) for a solar thermal plant on the Heineken España brewery in Quart de Poblet, province of Valencia, Spain. Kyotherm provides financing for a total amount of 2.8 million euros, including subsidy bridge financing.
The project consists in a heat purchase agreement for a duration of 15 years, for the installation and operation of 184 concentration solar collectors totalling 6,000 sqm aperture area. They will produce steam injected into Heineken España’s industrial process. Heineken will purchase the entirety of the steam produced. The project will deliver 3.5 GWh to the site annually, and is expected to be commissioned by summer 2023.
The steam produced by the project will replace steam generated through the combustion of fossil fuel, which will contribute to the decarbonization of Heineken’s industrial process.
Kyotherm and CSIN found an agreement for the financing of the project over the duration of the heat purchase agreement. The project also benefits from ERDF public incentives, provided for solar thermal installations by IDAE (Instituto para la Diversificación y Ahorro de la Energía), the Spanish institute for energy diversification. The project partners intend to study together opportunities for expansion or reproduction of the solution deployed for this project, in order to benefit from favourable circumstances for such transactions and to pursue their goal to further decarbonize industrial processes and industrial heat.
Arnaud Susplugas, Founder and CEO of Kyotherm, declared: “In the wake of our Solar Award received from the International Energy Agency in 2019, this project comes as a confirmation of Kyotherm’s investment strategy in the solar thermal sector. It underlines our firm belief and conviction that solar thermal technologies can play a ground-breaking role in the decarbonization of industrial processes. The current context and current energy crisis must serve as catalysts for a deep-reaching and long-lasting transition of industrial heat towards renewables, and CSIN’s solar solution is an excellent example of what can be done in this field. This first transaction in Spain is meant to lay the foundation for a long-standing industrial partnership between our companies”.