CSP World

Archimede Solar Energy (ASE), a subsidiary of the industrial Group Angelantoni Industrie and participated by the Japanese Chiyoda Corporation, has signed in New York the entrance of the Saudi Arabia FAL HOLDINGS in the capital, through a capital increase of 20 milion Euro.

The new shareholder will allow the company in Massa Martana (Perugia) to complete the expanding process in the concentrated solar thermal technology (CSP). FAL Holdings quote will cover 34%. Archimede Solar Energy was assisted by Credit Suisse as Advisor and Gianni, Origoni and Grippo as Lawyers.

FAL Holdings, headquartered in Riyadh with more than 5000 people, is a multinational company operating in various fields among which Oil and GAS, Steel, Defense, Telecommunications, Health, Shipyard, Finance and Agriculture.

“With the support of FAL Holdings we could better operate in the international markets and above all to start the strategic programme of penetrating the Saudi market that, through the KA-Care (www.energy.gov.sa) activity, is the most important and promising market in the Renewable Energies”, Gianluigi Angelantoni, ASE President has stated.

The Saudi market for CSP is expected to reach 25 GW by 2032, this is so far the most promising emerging market and companies all over the world are struggling to be well positioned for coming tenders. Local content will be a key requisite for the bidders to success.

“In the solar energy development plan the Saudi Government is planning to satisfy within 2032 the 25% of the national electric requirements through the use of a clean energy source like the sun. This can reduce the big quantity of oil barrels used in Saudi Arabia that, not anymore necessary in the domestic market, will be sold abroad at a better price”, Sheick Fahad Al Athel, Chairman of FAL Group said.

After the entrance of Chiyoda Corporation into ASE capital in 2012, which led to the great result of the construction of the first solar demonstration plant in the world operating with Molten Salts at 550° C (located close to the ASE production factory of Massa Martana-Perugia), FAL Holding will allow ASE and Chiyoda to participate to the future tenders for the construction of large scale solar power plants planned in Saudi Arabia and starting from 2014.

ASE is up to now the sole world producer of solar receivers for CSP plants using sodium and potassium nitrates (molten salts) as heat transfer fluid, using ENEA technology (Italian National Agency for Renewable Energies) developed since 2001 by Prof. Carlo Rubbia, Nobel Prize for Physics. ASE produce also conventional oil tubes and DSG (Direct Steam Generation) tubes for saturated or overheated steam.