Business Activity Report2.23 MB

Solar power for a sustainable world
2012 Annual Report
Activities
Table of contents
Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Copyright © 2013 Abengoa Solar,S.A.
All rights reserved.
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2012 Annual Report
Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Letter from the CEO
2012 Annual Report
This has been a year of consolidation for Abengoa Solar. In 2012, our revenues and EBITDA have doubled as a result of seven new solar
plants coming online. Our technology has proven its strength and commercial viability with the financial close and start of construction of
two new plants in South Africa, resulting in a total of 1,653 MW in operation and construction. This achievement positions us for another
year as the world leader in concentrating solar power (CSP). We also continue to maintain a clear strategic commitment in R & D investment.
In summary, 2012 has consolidated our global leadership in our market.
In the concessional business, we now have 19 solar plants in operation thanks to the fact that in 2012 we brought seven new CSP plants
online. As a result, Abengoa Solar continues to be the world leader in that technology. Our plants, using CSP tower and parabolic trough
technologies, as well as photovoltaics, have a combined installed capacity of 743 MW. The operation of our plants in 2012 has proven their
commercial viability, their contribution to sustainable development and the creation of jobs and benefits for the communities and regions
where they are located. Additionally, and despite the adverse global economic context, we have managed to reach financial close and to
start construction of our plants in South Africa. This is especially relevant in the case of our highly innovative superheated tower, Khi Solar
One, illustrating the backing of our technology by the financial community. Construction also continued at a good pace during the year on
our upcoming plants in the United States.
In our business for third parties, we concluded in 2012 the turnkey construction and delivery of the first concentrating solar plant of
industrial steam in Latin America, in Chile. Additional solar turnkey projects have made significant progress, as well as the technological
components that Abengoa Solar supplies to third parties. In fact, this year we have diversified the range of products, services and solutions
we offer our clients, including both key components for plant construction as well as equipment for plant operation and maintenance.
In summary, we end 2012 with excellent results and a team of professionals now numbering more than 1,200 people that contribute to
sustainable development and value creation at the communities in the regions where we are located.
In regards to technology, Abengoa Solar is currently offering the best solar solutions to generate clean energy:
- Superheated steam or molten salt towers, where we have a first installation in operation.
- Parabolic trough plants.
- Conventional and high concentration photovoltaic plants.
- Industrial system plants.
Also in 2012, we have advanced in the area of new technologies with 31 new patents that in the next few years will allow us to continue
improving our existing technologies.
2013 is presenting us with new challenges and goals, such as bringing plants online in new geographies, constructing new installations, the
need to continue improving the technology, as well as external factors such as the regulatory changes and the weak financial markets in
certain markets.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Key figures
2012 Annual Report
Consolidated revenues
Abengoa Solar’s 2012 consolidated revenues
totaled 688.2 million euros, for a 99% increase
over 2011.
Industrial production
2010
110.5 / 57.7
2011
168.2
345.4
233.9 / 111.5
2012
688.2
417.7 / 270.5
Concession-type infrastructures
million euros
EBITDA from operating
activities
As a result of 7 parabolic trough plants coming
online, as well as an increase in industrial
production activities, Abengoa Solar's EBITDA
from operating activities increased approximately
143 % in 2012.
2010
70.2
27.1 / 43.1
2011
164.6
84.2 / 80.4
2012
208.9 / 190.7
Industrial production
399.6
million euros
Concession-type infrastructures
Fixed Assets
2010
Abengoa Solar´s assests increased up to 5.75
billion euros in 2012 due to the construction
of new plants.
2011
1.75
3.34
5.75
2012
billion euros
Number of employees
2010
Abengoa Solar’s growth is reflected in the
increase of its employee pool in 2012.
2011
480
771
2012
1,247
million euros
employees
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Installed power (MW in
commercial operation /
construction)
Key figures
2010
193
2011
At the end of 2012, Abengoa Solar has
1,653 MW in total, of which 743 MW are in
commercial operation and 910 MW under
construction.
2012 Annual Report
443
2012
1,123
930
1,503
1,060
743
1,653
910
MW in operation and
construction
In operation
Under construction
Power by geography
Spain
A very diversified geographical mix, with 41 %
in Spain, 35 % in the U.S. and 24 % in the
rest of the world.
U.S.
24 %
41 %
Rest of
the world
35 %
Percentage of power (MW)
by geography
R & D investment
In 2012, Abengoa Solar continued its
comittment to research and innovation
working to create more efficient CSP and PV
technologies that will reduce costs.
2010
24.2
2011
42.4
2012
42.1
million euros
Number of patents
(requested and granted)
Abengoa Solar’s number of patents, including
those requested and granted, is a direct
illustration of the company’s efforts in R & D.
Numbers indicated are accumulated totals.
2010
80
2011
107
2012
138
Patents, requested
and granted
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
Our mission
Our vision
Abengoa Solar develops and applies solar energy technologies,
To offer solar technologies that are more efficient than our
both concentrating solar power and photovoltaic, to combat
competitors with the aim of matching the cost of fossil fuels,
climate change and to ensure sustainable development,
including the cost of CO2 emissions, by 2020.
helping to develop the communities where it is present.
Our values
In addition to the values that define Abengoa’s mission (integrity, legality, professional diligence, confidentiality and quality) that
Abengoa Solar takes as its own, the company carries out its activities based on:
Maximizing human value. Abengoa Solar is made up of people and these people provide value to the company.
Being global. Abengoa Solar considers itself to be a global, multicultural and open company.
Technological innovation. Abengoa Solar is convinced that technology can add value to the sustainable development of
society and it manages its activities based on this objective.
Achieving the highest levels of integrity and ethics.
Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
Our competitive advantages
Abengoa Solar is a global company with a local presence in the markets in which it operates. The company’s geographical strategy is based
on the development and sale of energy at a local scale with the presence of specialist teams in different locations, manufacturing
components at a regional level and developing new technologies at a global level.
Technology
Abengoa Solar counts on the development of new technologies, which can be used either in its own plants or sold to third parties, as a
competitive advantage leading to growth and viability. Technology evolves very rapidly, and viable, efficient alternatives are always needed for
taking on new projects and fulfilling market needs.
This ongoing R & D effort gives Abengoa Solar a greater chance of being able to offer competitive technologies in the future, and enables
the company to provide a portfolio of solutions that can be adapted to each project or market.
The pillars supporting Abengoa Solar’s technological innovation strategy are the following:
An international team of approximately 140 people dedicated to R & D and research facilities in Seville (Spain) and Denver,
Colorado (US).
A global network for collaborating with leading sector institutions, including NREL in the US, Ciemat in Spain, DLR in Germany, and
Australia’s CSIRO, as well as many universities and companies.
Financing activities through two distinct yet complementary sources. Abengoa Solar contributes significant investment as it
considers the continual pursuit of innovative solutions critical to future sustainable growth. Funding is also obtained through public
subsidy programs in place in Spain, the European Union, and the US, among others.
Vertical integration
From the outset, Abengoa Solar has positioned itself in the different stages of the concentrating solar value chain. This vertical integration
enables Abengoa Solar to create synergies between the promotion, operation and technology activities, such as designing optimal solutions,
control of key components and their procurement, and improving competitiveness through cost reduction.
As a result of this successful vertical integration, Abengoa Solar has developed a business selling components and operation and
management services to third parties. Thanks to its technological leadership and the experience gained from past projects, Abengoa Solar is
able to offer solutions that fulfill its clients’ needs.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
Geographic diversification
Abengoa Solar’s activities occur in three main markets:
Spain
Forty-one percent of Abengoa Solar’s installed capacity (under construction or in operation) is in Spain, with a total of twenty plants.
Abengoa Solar has seven plants in operation at the Solucar Complex, including the first two solar towers in commercial operation
worldwide, as well as three 50 MW parabolic trough plants and two PV plants. There are also two 50 MW solar plants in operation at four
solar complexes in Spain, the Écija Solar Complex, the El Carpio Solar Complex, the Castilla-La Mancha Solar Complex and the
Extremadura Solar Complex, as well as three additional PV plants.
The company has two plants in an advanced stage of construction in the Extremadura Solar Complex, which will total four 50 MW plants.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
United States
Abengoa Solar has a significant presence in the US, specifically thirty-five percent of its installed capacity. There are two major
concession-type infrastructure projects in progress: Solana and Mojave.
Abengoa Solar also works in industrial production in the US, including industrial applications that the company has been improving in recent
years. Abengoa Solar designs, engineers, manufactures and assembles parabolic trough collectors for industrial clients to generate industrial
steam. It also designs and installs industrial photovoltaic plants to supply electricity.
Solana
A parabolic trough plant with a gross capacity of 280 MW, it will have a system to store
energy for up to six hours using molten salts, and its construction is progressing well.
It is located some 70 miles from Phoenix, Arizona, and will come into commercial
operation in 2013.
Mojave
The Mojave plant has a gross capacity of 280 MW, using parabolic trough technology.
Construction on the plant began at the end of 2011 and is progressing as planned.
It will come into commercial operation in 2014.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
International
Abengoa Solar’s remaining twenty-four percent of installed
capacity is distributed throughout the rest of the world.
Abengoa Solar is currently constructing a 100 MW parabolic
trough plant, as well as a 50 MW superheated steam solar
tower, in the Northern Cape of South Africa. Abengoa Solar
was chosen by the South Africa Department of Energy to build
the country’s first CSP projects.
In the United Arab Emirates near Abu Dhabi, the Shams-1 solar
plant is in commissioning stages and will come into operation in
the summer of 2013, while the Hassi R’Mel hybrid solar-gas
combined cycle plant in Algeria has been operating for more
than a year. Abengoa Solar also has an active presence in North
Africa, the Middle East, India, China, South Africa and Australia,
as well as other countries.
In industrial production, Abengoa Solar completed and turned
over the first CSP plant in South America. The 10 MW parabolic
trough plant will supply steam for the copper extraction process
for its Chilean mining company client Minera el Tesoro. This
industrial system will decrease the fossil fuel combustion
required for the mining process by more than half.
Also during 2012, the company continued construction of the
14 MW solar field for a 480 MW hybrid electricity plant in Agua
Prieta, Mexico, using Abengoa Solar’s own technology.
This geographic diversification of Abengoa Solar’s business
offers important competitive advantages, such as a lower
dependency on a single regulatory framework, achieving greater
stability in the business and less exposure to a specific market or
economy.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
Strategic alliances
Abengoa Solar is a leading partner for many important multinational firms with which it has signed important strategic partnership
agreements in order to enhance its core projects.
In 2010, agreements were signed with E.ON., ITOCHU Corporation, JGC Corporation, Masdar (Abu Dhabi Future Energy Company), Total
and New Energy Algeria to construct and subsequently operate solar thermal and hybrid solar-combined cycle plants. Whereas in 2011, we
signed an agreement with Industrial Development Corporation (IDC), the largest development finance institution in South Africa, to construct
the country’s first CSP projects.
Furthermore, Abengoa Solar continues to participate in the Dii Initiative (Desertec Industrial Initiative), which aims to make developing solar
plants in North Africa a viable reality, while in the area of R & D it continues to carry out various research projects in collaboration with
important research such as CIEMAT, DLR, NREL and CSIRO.
Risk analysis and control
The risk control structure in Abengoa Solar is based on the corporate common management systems. These systems implement Abengoa’s
internal regulations in every area, in order to anticipate, evaluate, manage and control risks.
With its objective of continuous improvement, Abengoa Solar is implementing a Universal Risk Model that takes the following areas and risk
categories into account:
Strategic risks: corporate governance, strategic and R & D projects, mergers, acquisitions and divestments, planning and resource
allocation, market dynamics, and investor relations and communications.
Operational risks: human resources, information technology, physical assets, sales, supply chain, threats and catastrophes.
Financial risks: liquidity and credit, markets, taxation, capital structure, accounting and reporting.
Regulatory risks: regulation, legislation and codes of ethics and conduct.
This tool will provide the company’s management and the different geographical areas with the ability to anticipate, evaluate, manage and
control the risks inherent in their activities. Furthermore, any investment made by Abengoa Solar is accompanied by an analysis of the risks
involved, with the corresponding risk measurement and evaluation. This means that the potential impacts of contingencies are analyzed and
minimized in relation to the proposed business plan.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our management model
2012 Annual Report
Human resources
During 2012, Abengoa Solar made a significant investment in the field of human resources to support its growth with the incorporation of
473 new employees. At the end of 2012, there were 1,247 employees who received over 143,800 hours of training during the year, an
increase of nearly 60 % compared to the number of hours in 2011. Abengoa Solar has therefore continued to invest in its human
resources, managing and attracting talent as its principal asset, strengthening a multicultural environment that is consistent with the global
nature of its approach to its business and its commitment to innovation.
The Abengoa Solar team has grown exponentially from the outset, mainly due to the growth of its activities and the consolidation and
expansion of the portfolio of projects that the company has in different countries.
During this period, Abengoa Solar has managed to attract and develop the best professionals and it uses an integral and integrated people
management system that responds to the company’s and employees’ needs:
Integral – because it covers all human resources processes: definition, description and classification of jobs, selection to attract the
best professionals in the market, training and development, with the corresponding career plans, appraisals, performance
management and remuneration. All of this is focused on retaining talent, as well as internal communications and social action.
Integrated – because it includes not only all the inter-related processes, but Abengoa Solar as a whole, encompassing the different
companies regardless of their sector, geographical area or activity.
The training of our employees is a key factor in developing Abengoa Solar. We have therefore continued our ambitious training plan
throughout 2012, aligned with each employee’s individual needs and professional development within the company.
The training plan is structured into four segments, depending on the nature of the content offered in each one:
Corporate training, dedicated to transmitting Abengoa’s values, its internal regulations, its strategy and tax models so that each
employee’s work is aligned with the company’s values.
General training, aimed at achieving professional excellence through training, with a special focus on business-specific training
and professional career development.
Language training, in response to the international growth of the company and to ensure the adaptation of our employees in a
sector with huge international development potential.
Occupational health and safety and risk prevention training in order to improve and adapt to the new labor conditions of
different types of jobs.
Lastly, it is important to highlight that Abengoa Solar is committed to a social model based on a balance between people’s personal and
professional lives, generating quality employment and founded on employment conditions that combine appropriate financial remuneration
with high standards of health, comfort and safety in the workplace.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our market
2012 Annual Report
Strong growth market: innovation and experience
The solar energy industry is growing worldwide and technological innovation is crucial to be able to compete with conventional generation.
Abengoa Solar has broad expertise and experience in developing new solar technologies, able to compete in the medium term with fossil
fuels and in solar plant development.
Products and lines of business
Abengoa Solar is a technology company that invests in R & D to ultimately reduce costs and increase efficiency of our solar power
technologies, thus producing a competitive advantage.
Due to effort in latest generation proprietary technology development, we currently offer an ample portfolio of solar solutions that are
adapted to each market:
- Concession-type infrastructures: Abengoa Solar acts as the project sponsor, developing and investing with partners in
projects.
- Industrial production: We supply key components, directly or in collaboration with partners, including optimized
parabolic trough structures, accurate and durable heliostats and receivers for towers, reflective surfaces, O & M equipment to
boost plant production such as reflectometers and cleaning trucks, and high concentration photovoltaic and industrial thermal
systems. Additionally, we provide O & M services for our own and third party owned solar plants.
- Abengoa offers turnkey engineering, procurement and construction (EPC) of concentrating solar power (CSP) plants or solar
fields and photovoltaic (PV) plants.
- We provide operation and maintenance (O & M) services for plants owned by third parties. Abengoa Solar is a leading
operator of solar plants with extensive O & M experience.
- Finally, Abengoa Solar provides solar thermal and solar power industrial system solutions for industries and facilities. Custom
systems are designed and constructed for each client’s needs.
This broad range of solutions may be applied to a diversified portfolio of leading-edge technologies:
Oil based HTF parabolic troughs
Superheated steam and molten salt towers
Energy storage systems
Green field solar-gas and solar-coal hybrid technologies and solar field add-ons to existing conventional power plants
Conventional and high-concentration photovoltaic systems with superior efficiency
Custom designed industrial systems for building air conditioning, heat generation and other industrial processes
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our market
2012 Annual Report
Global projects
Abengoa Solar has a broad international presence covering geographies with high solar radiation. Our geographic approach is based on
global R & D activities centralized in Spain and the US, and local development teams that work on specific opportunities in specific regions.
In the following map, we highlight some of our solar plants, including both projects where we have invested and projects for third parties.
1 Mojave Solar Project
United States
2 Solana
United States
3 Agua Prieta
Mexico
4 Minera El Tesoro
Chile
5 KaXu Solar One
South Africa
6 Khi Solar One
South Africa
7 Shams-1
United Arab Emirates
8 Solucar Complex
Spain
9 Hassi-R'Mel
Algeria
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our market
Commercial technologies
Abengoa Solar has a diversified portfolio of technologies to meet the needs of each client.
CSP tower
Abengoa Solar is the pioneer in solar tower technology. The
company designed, built and operates the world´s first and
second commercial towers (PS10 and PS20). Abengoa Solar has
acquired extensive O & M experience since each plant came
online, in 2007 and 2009 respectively.
We continue to build on our knowledge and experience in tower
technology. Abengoa Solar advanced its tower technology
offerings by designing, building and operating a superheated
steam tower demonstration plant in the Solucar Complex (Seville).
Operating this tower for more than two years validated the
technology for commercial scale, later being endorsed by the
South Africa Department of Energy with a long term power
purchase agreement for a 50 MW superheated solar tower,
currently under construction.
Abengoa Solar is also currently operating two smaller towers, a
molten salt tower and a hybrid solar-gas tower in Spain, which
will allow commercialization of these highly efficient solutions
worldwide.
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2012 Annual Report
Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our market
2012 Annual Report
CSP parabolic trough
Abengoa Solar leads the CSP industry in installed parabolic trough capacity with more than 15 utility-scale trough plants in or nearing
operation status. Although already a mature and efficient technology, our efforts are focused on designing new trough collectors that are
lighter and more precise, as well as developing alternative heat transfer fluids that increase trough efficiency and reduce generation costs.
Thermal energy storage systems
Abengoa Solar has acquired extensive experience in different storage technologies. Storage provides the ability to generate electricity after
sunset or during cloudy periods, adapting power generation to demand load or to specific customers’ needs. Dispatchability is one of the
main advantages of CSP. Abengoa Solar works with our customers to understand their needs and provide the most suitable solution, using
storage when needed.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our market
2012 Annual Report
Hybrid solar plants
Solar-gas and solar-coal hybrid projects are a step towards a cleaner and more efficient energy future. Abengoa has extensive experience in
solar hybrid projects. The company had a leading technological role in the first two ISCC (integrated solar combined-cycle) plants in the
world, located in Algeria and Morocco.
Abengoa Solar is at the forefront of solar hybrid technology innovation as demonstrated by the recent start-up of a solar-gas demonstration
tower in the Solucar Complex (Seville). This tower will demonstrate tower operation at higher temperatures using a more efficient cycle and
air as a heat transfer.
We currently offer tower, as well as parabolic trough, solar field add-ons to repower and reduce fossil fuel consumption in existing
conventional power plants. In some cases, hybridizing existing plants allows utilities to expand the life of power plants that could no longer
operate due to regulatory or emission policies.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our market
2012 Annual Report
Solar industrial applications
Abengoa Solar delivers solar thermal energy and solar electricity to industrial clients worldwide. We offer proprietary technologies within
different project schemes (EPC, energy sale, co-investment and direct equipment sales) to fit each client’s needs. A testament to our success
is a solid portfolio of installations.
We deliver a clean source of energy from the sun to power industrial processes in the form of hot water, steam and electricity which
supplement power requirements of an industrial facility or reduce fossil fuel consumption.
Conventional photovoltaic
installations
Abengoa Solar designs, builds and operates conventional
photovoltaics, from small to large-scale plants, as industry
specific or utility-scale solutions.
High concentration
photovoltaic (HCPV)
Abengoa Solar designs and markets a new
high concentration photovoltaic (HCPV)
proprietary technology that reaches
concentrations of 1,300 suns. We work with
the client to meet their specific needs, using
different HCPV modules for rooftops, low
visual impact areas or large-scale plants.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Developing New Technologies
One of Abengoa Solar’s fundamental strategies is the
development of new technologies. This enables us to
maintain our leadership position in a sector in which
technology evolves very quickly. A continuous investment in
R & D gives Abengoa Solar a greater likelihood of being able
to offer competitive technologies in the future, as well as a
portfolio of solutions that can be adapted to each project or
market.
Our R & D program objectives include for the tower and
trough technologies the achievement of higher operating
temperatures that increase the efficiency of the power cycle,
the reduction of investment and operating costs for each
technology, and the optimization of storage systems.
Additionally, we are meeting our objective of increasing the
efficiency of our next generation photovoltaic technologies,
as well.
During 2012 the company has continued to operate various
pilot plants at the Solucar Complex, which have
consolidated several key innovative concepts, allowing us to
Molten salt tower
One of Abengoa Solar's greatest achievements of 2012 is the
operation of our first molten salt tower plant. The tower,
wholly designed by Abengoa, supports the innovative
receiver which uses molten salt as the heat transfer fluid
(1049°F / 565°C) and a storage tank that uses molten salt to
store thermal energy. The plant has an equivalent electric
power of 2 MW and has been operating since the summer of
2012. Now, Abengoa Solar can offer the best tower
technology for each situation. Key components are also
developed and commercialized, such as the tower receiver
and heliostats, among others in this case of the molten salt
tower.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Activity Segments
Abengoa Solar’s business model is based on innovation and developing new technologies that generates concession-type infrastructures and
industrial production activities that are our lines of business. By developing new technologies and working to make the existing technologies
more efficient, we are able to design and build utility scale power plants as well as key components and services to meet the needs of our
clients.
Concession-type infrastructures
This line of business consists mainly of plant development and those activities that are not subject to demand risk, such as the sale of energy
under feed-in tariffs or long term power purchase agreements.
Industrial production
This line of business is composed of those activities that are subject to demand risk, such as O & M, technology sales and licenses,
manufacturing key components and sales, and industrial applications.
Technology development (R & D)
Concession-type assets
Industrial production
Sale of energy:
O & M Services
- Under feed-in tariff
- With power purchase agreement
Source
of revenue
Supply of key components
Technology sales
One of the main highlights of 2012 is that seven plants came online including: the second plant that comprises the Écija Solar Complex
(Helioenergy 2), the two plants in the El Carpio Solar Complex (Solacor 1 and Solacor 2), the two parabolic trough plants in the
Castilla – La Mancha Solar Complex (Helios 1 and Helios 2), and two of the four plants in the Extremadura Solar Complex (Solaben 2 and
Solaben 3). These seven plants increase Abengoa Solar’s installed capacity in operation by 350 MW, and Abengoa Solar reached 743 MW of
capacity in operation.
Abengoa Solar also has 910MW of capacity in the construction stage in Spain, US, South Africa and Abu Dhabi.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Concession-type infrastructures
Plants in operation
Abengoa Solar has a combined total installed capacity of 743 MW in operation with 19 plants of different technologies, located in diverse
geographies. At the end of 2012, we are the world leader in the concentrating solar power sector.
In tower technology, we have more than 5 years of operation experience from PS10, the first commercial tower in the world, and more than
3 years operating PS20. Both plants are located in the Solucar Complex, in Sanlúcar la Mayor, Seville (Spain). The Solucar Complex is the
most significant solar complex in the world at the close of 2012, in terms of both commercial plant operation and R & D installations.
Abengoa Solar reinforced its position in 2012 as the world leader in parabolic trough installations. We put seven new 50 MW plants into
operation in Spain: the second plant in the Écija Solar Complex, two plants in the El Carpio Solar Complex, two in the Castilla - La Mancha
Solar Complex, and two in the Extremadura Solar Complex.
Abengoa Solar also has 5 photovoltaic plants in commercial operation with different technological characteristics.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Spain
Solucar Complex
Made up of 5 commercial plants, 2 tower and 3 parabolic trough, R & D
installations, commercial conventional and high-concentration PV plants
and laboratories, as well as a proprietary research center, the Solucar
Complex represents a unique collection of technologies that is unequalled
in the world.
The two pioneer commercial tower plants, PS10 and PS20, have given
Abengoa Solar a great competitive advantage in this technology. With
more than 8 years of accumulated operation, PS10 as well as PS20 have
reached high levels of production and have served to test the viability of
the tower technology on a commercial scale.
Also located in the Solucar Complex are the first three 50 MW parabolic
trough plants that Abengoa put into commercial operation. As we have
learned from the day to day commercial operation of these plants, we
have an accumulated knowledge that has been very beneficial in the
designing of new plants and operational methods, as well as for the
development of additional operational components. All of this experience
and acquired know-how reaffirms that Abengoa Solar is the technological
leader in the sector.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Écija Solar Complex
The Écija Solar Complex is made up of two 50 MW parabolic
trough plants. Due to their strategic location in one of the places
with the most solar radiation on the Iberian Peninsula, their
careful design and the advanced operation and maintenance
strategy, the complex has achieved its operational targets. The
complex is the fruit of the alliance between Abengoa Solar and
the German utility E.ON.
El Carpio Solar Complex
The El Carpio Solar Complex is made up of two 50 MW parabolic
trough plants. After coming into operation in February and March
2012 respectively, the plants have completed their first year of
operation with optimal results. The plants are jointly owned by
partners Abengoa Solar and the Japanese conglomerate JGC.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Castilla–La Mancha Solar Complex
Spain
The Castilla-La Mancha Solar Complex is made up of two 50 MW
Castilla–La
Mancha
parabolic trough plants. It is located between the municipalities
Arenas de San
Juan, Villarta de San Juan and Puerto Lápice. Both
Solar
Complex
plants began commercial operation in 2012, in May and August
The Castilla-La Mancha Solar Complex is made up of two 50 MW
respectively.
parabolic trough plants. It is located between the municipalities
Arenas de San Juan, Villarta de San Juan and Puerto Lápice. Both
plants began commercial operation in 2012, in May and August
respectively.
Spain
Extremadura Solar Complex
Extremadura Solar Complex
Solaben 3, the first of the four plants that make up the Extremadura Solar Complex located in Cáceres (Spain), went into operation in June
2012. The second plant went online in September 2012. Both plants are jointly owned by Abengoa Solar and the Japanese ITOCHU
Corporation.
These
in an area
thatComplex
dependslocated
highly in
onCáceres
the agricultural
sectorinto
through
directinand
Solaben 3, the
first plants
of the stimulated
four plantseconomic
that makedevelopment
up the Extremadura
Solar
(Spain), went
operation
June
indirect
job second
creation,
the went
development
new sector
markets
the are
growth
ofowned
the indirect
service sector.
2012. The
plant
online inofSeptember
2012.
Bothand
plants
jointly
by Abengoa
Solar and the Japanese ITOCHU
Corporation. These plants stimulated economic development in an area that depends highly on the agricultural sector through direct and
indirect job creation, the development of new sector markets and the growth of the indirect service sector.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
Photovoltaic plants
Abengoa Solar has 5 photovoltaic (PV) plants in commercial
operation:
Las Cabezas PV, a conventional PV plant with single axis tracking,
located in Las Cabezas de San Juan, Seville.
Sevilla PV, a low concentration PV plant (1.5-2.2x) with dual axis
trackers, located in Sanlúcar la Mayor, Seville.
Casaquemada PV, combines high concentration PV and
conventional PV with a dual axis tracking system. The plant is
located in Sanlúcar la Mayor, Seville.
Copero PV, a conventional silicon PV plant with dual axis tracking
in Dos Hermanas, Seville.
Linares PV, a conventional PV plant with a dual axis tracking
system. The plant is located in the province of Jaen (Spain).
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2012 Annual Report
Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Algeria
Hassi R’Mel
The 150 MW integrated solar combined cycle (ISCC) plant, Hassi
R´Mel, with a parabolic trough solar field, is located in Algeria and
has completed its first full year in operation.
The knowledge that Abengoa has acquired during the operation of
this plant has allowed us to position ourselves in the solar-fossil fuel
hybrid market. The company is in an advantageous position to
develop hybrid technologies in new interested markets due to its
commitment to sustainability and fast project development at a
competitive price.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Plants under construction
United States
Solana
Solana, a 280 MW parabolic trough plant with 6 hours of thermal
storage located in Arizona, is in its final construction phases. Solana will
go into operation in the second half of 2013.
At the end of 2012, the main assembly activities, as well as the
transmission lines and the electrical substation were being completed.
The salt melting process has also begun for the thermal storage system.
More than 70 % of the goods and services used to build Solana are
American made, resulting in economic development for the country. The
supply chain created from the plant’s construction includes 123 suppliers
in 27 states that span coast to coast. The project has created more than
2,000 construction jobs, benefitting the state as well as the entire nation.
When the project goes into operation, it will be the largest parabolic
trough plant in the world.
Mojave Solar Project
The construction of the Mojave Solar Project, a 280 MW parabolic trough
plant in California, has progressed in 2012 and currently collectors are
being installed, as well as the building of water and thermal oil tanks.
The Mojave Solar Project is expected to go into operation in 2014.
The Mojave Solar Project is generating important economic development
both for the State of California as well as on the national level. There will
be around 1,000 new jobs created during its construction and those
additional highly paid permanent jobs for the operation and
maintenance of the installation. At the end of 2012, 84 companies in 16
states had signed supplier contracts for the project.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
South Africa
Khi Solar One
With its financial close, construction commenced in 2012 on Khi Solar
One, the first 50 MW superheated steam solar tower in the world with
2 hours of thermal storage. Khi Solar One represents an important
technological advance in tower efficiency by using higher temperatures
and an innovative dry cooling system. This advancement is the result of
the R & D work done by Abengoa Solar in its research centers and pilot
plants. Additionally, the financing of this innovative project is a
demonstration of the confidence that the financial world has in
Abengoa Solar and its technologies.
Located in the Northern Cape of South Africa, Abengoa Solar is
partnering with the Industrial Development Corporation (IDC) along
with a local community trust to develop Khi Solar One and a 100 MW
parabolic trough plant, KaXu Solar One, in the same region.
KaXu Solar One
KaXu Solar One, the 100 MW parabolic trough project with 3 hours of
thermal storage, closed financing and began construction in 2012.
Located near Pofadder (Northern Cape), the plant will cover 780 acres
(315 hectares) and have approximately 1,200 parabolic trough solar
collectors.
KaXu Solar One and Khi Solar One are the first two concentrating solar
power plants in South Africa, one of the countries with the best solar
resources in the world, and the plants will use proprietary technologies
specifically designed by Abengoa Solar for the needs of the country,
such as thermal storage and dry cooling. Working together with IDC,
the largest financial development institution in the country, has
contributed to economic development on the local, regional and
national levels.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Spain
Extremadura Solar Complex
The last two plants that complete the Extremadura Solar Complex
are under construction. The 4 x 50 MW Extremadura Solar
Complex will be the largest solar complex in Spain once these two
50 MW plants begin operation in 2013.
United Arab Emirates
Shams-1
Shams-1, the first CSP plant in the Middle East, arose from a
consortium comprised of Abengoa Solar, Masdar and Total,
signifying a strategic milestone for Abengoa Solar given the
tremendous development potential throughout the Middle East.
The Shams-1 plant covers an area of approximately 741 acres in
the Abu Dhabi desert, and will have a power output capacity of
100 MW with nearly 600,000 m2 of Abengoa Solar-designed
ASTRØ parabolic trough collectors.
The 100 MW parabolic trough plant is currently in an advanced
state of commissioning. Construction was finished at the
beginning of 2013 and the plant is currently going through the
generation test period.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Development
Our experienced regional development teams have made a tremendous effort to promote solar power plants in the markets where Abengoa
Solar is present. We have an extensive portfolio therefore, of plants in various stages of promotion around the world.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
Industrial production
Abengoa offers third parties all the key components for CSP and PV that it has developed and manufactures with different partners, as well
as O & M services for solar plants and EPC of complete plants and solar fields.
Key components
Abengoa Solar has reinforced its activities in industrial production and key component development during the last year. Currently, the
company offers a dozen of key components such as mirrors and structures for parabolic troughs and heliostats, either as separate
components or as a complete solar field, tower receivers, high concentration photovoltaic trackers and modules, small-scale trough for
industrial applications and O & M equipment for third parties.
The most significant advances in this area in 2012 are:
Parabolic trough collector structures, E2 Collector:
During 2012, Abengoa Solar, thanks to the lessons learned in
previous projects, developed a new generation of its E2 parabolic
trough collectors. The design improvements allow a more efficient
assembly and lower costs. The E2 parabolic trough collector is
available for purchase either directly or as a turnkey solar field
project.
Tower heliostats, ASUP 140:
Abengoa Solar currently offers high precision heliostats of different sizes
and efficient receivers for towers. In 2012, Abengoa unveiled the new
heliostat design, the ASUP 140, which incorporates a series of innovations
that translate into about a 30 % cost reduction and higher mirror
reflectivity. This new heliostat will be installed in Khi Solar One, our first 50
MW superheated steam tower that will be built in South Africa.
All components are sold directly, as turnkey solar fields or complete plants
in collaboration with Abengoa's EPC unit, and are the result of years of
experience in CSP.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
High concentration photovoltaics, HCPV:
Abengoa Solar has developed the next generation
of highly efficient HCPV modules, reaching over
30 % module efficiency.
The HCPV module, the heliostat structure and the
tracking system are sold separately, or as a
complete turnkey system.
The T140™ solar tracker coupled with the M30™
module, provides optimum efficiency for large CPV
plants. The Tornasol tracker and the M35™
module are specifically designed for rooftops.
Mirror reflectometer, portable Condor:
The Condor is an innovative portable
reflectometer that is used to measure the
reflectivity of the solar fields with a high level of
accuracy and a reduction of human error thanks
to its ergonomic design.
The condor reflectometer is a valuable tool that
provides O & M managers with the required
information to optimize the cleaning strategy,
minimize this cost and increase the performance
of the solar field. Operation and maintenance
teams are provided training to use this O & M
tool.
Cleaning trucks:
Abengoa Solar has developed its own
technology for cleaning trucks both for
heliostat and parabolic trough mirrors. These
tools have been designed to reduce the
number of required operators, to enhance
mirror cleaning and to minimize impacts and
mirror breakage. This optimized cleaning
solution is offered to the market through a
technology player.
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2012 Annual Report
Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Our activities
2012 Annual Report
EPC services
Abengoa offers its vast knowledge and experience to third parties via EPC services. We can design and build a solar plant, deliver and
hand-off a turnkey installation, or cater to the specific needs of the client in any phase of plant construction. In 2012, Abengoa was chosen
to design and construct a 200 MW photovoltaic plant in California (US), and the plant is expected to begin operation at the end of 2013. The
solar field of the first solar-gas hybrid plant to be built in Mexico was designed and built by Abengoa, and is expected to come online in
2013. Additionally, Abengoa has designed and built a solar tower and an innovative solar field for a demonstration plant owned by CTAER.
Operation and maintenance services
Abengoa Solar is positioned along the key phases of the CSP value chain and has achieved critical mass in CSP projects with 1.5 GW in
operation and construction, allowing the company to operate its projects at the highest level, with the most suitable tools for performance
enhancement and O & M efficiency. Abengoa Solar is currently offering to third parties a broad range of specialized O & M services.
Industrial applications
Abengoa Solar offers industrial clients solutions using solar
technology to supply heat or electricity for their industrial processes.
Such needs might include acclimatization, hot water, heat for industrial
processes or steam to substitute, or reduce, fossil fuel consumption.
Some examples of industries where our solutions are used are food
processing, petroleum enhanced recovery and desalination. Each
installation is designed and constructed according to the clients’
specific needs.
In 2012, Abengoa designed, constructed and put into operation the
first CSP plant in South America. The 10 MW parabolic trough plant
was built for Minera El Tesoro, a Chilean mining company, reducing the
use of diesel fuel used in the copper extraction process by more than
half.
Other recent projects include installations in Red River College in
Canada and Kraft Foods in Brazil.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Abengoa Solar and innovation
2012 Annual Report
R&D
Research and development
Abengoa Solar has demonstrated its strong commitment to research and development through considerable financial investment, the high
number of researchers employed and the numerous projects that have been developed and tested as pilot plants before their
commercialization. We have been recognized in our sector and have participated in various R & D projects with public partners and leading
scientific research institutions, such as the National Renewable Energy Laboratory (NREL) and Sandia National Lab of the US, the Center for
Industrial Technological Development of Spain (CIEMAT), the German Aerospace Center DLR, the Australian CSIRO and the French scientific
organization CNRS, among others.
Abengoa Solar’s R & D projects aim to reduce costs and improve the efficiency of existing technologies. We continue to improve the parabolic
trough technology as well as thermal energy storage systems, and have recently moved into a state of the art R & D research laboratory.
Abengoa Solar continues to consider tower technology as the key in reaching prices that are competitive with conventional fuel sources.
Patent generation continues being a key part of our strategy.
Solugas: hybrid solar-gas
tower pilot plant
In 2012, Abengoa Solar began operation of the pilot tower
plant Solugas. Rather than using steam or molten salts, this
tower’s solar receiver heats compressed air, reaching (1472°F
/ 800°C), and operates a gas turbine situated in the topmost
part of the tower. This pilot tower will allow this technology
to be tested and improved upon, and in 2012 it had already
reached more than 400 hours of production. Solugas is an
appropriate hybrid solution for countries where natural gas is
abundant.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Abengoa Solar and innovation
2012 Annual Report
New solar R & D center
Abengoa Solar has relocated their Spanish R & D team to a new state
of the art research center close to the Solucar Complex in Seville
(Spain), where new photovoltaic and CSP technologies will be
developed and nanotechnologies will be applied to solar technologies.
Having our own R & D center that is equipped with a full laboratory
for solar technology creation, development and validation, gives us a
competitive edge.
Patent ranking
At the end of 2012, Abengoa Solar had a total of 138 patents
requested, 58 of which have been granted. Abengoa Solar ranked
fifth in the number of patents requested in the Spanish Trademark and
Patent Office (OEPM) ranking and third in the companies or
institutions that internationalize their patents through the PCT (Patent
Cooperation Treaty).
Other R & D projects
In order to reduce cost and improve efficiency of the parabolic trough technology,
Abengoa Solar is researching new heat transfer fluids, absorber tubes, construction
materials, design of the aperture and other features of the trough structures. In 2012,
we reached 800 hours of operation of the direct steam generation pilot plant (DSG),
where steam is generated directly by heating water in the absorber tubes rather than
using a different HTF, such as synthetic oil.
Other projects include an advanced thermal energy storage unit that uses concrete
instead of steel, and a PV solution that when integrated into greenhouse rooftops, has
improved production due to the changes in the light spectrum while also producing
clean PV energy, that may be introduced to the grid or used to power the same
facility. Additional PV advancements include an HCPV module that reaches
concentrations of 1,300 suns, as well as the use of new advanced materials in
different applications.
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Letter from the CEO
Key figures
Our management model
Our market
Our activities
Abengoa Solar and innovation
Management structure
Management structure
2012 Annual Report
Board of Directors
Executive Chairman
Santiago Seage
Vice Chairman (*)
Daniel Villalba
Director (*)
H.R.H. Prince Carlos de Borbón Dos Sicilias
Director (*)
Manuel Gasset
Director (*)
Francisco Javier Salas
Director (*)
Bernardo Villazán
(*) Independent Directors.
Director
José Domínguez Abascal
Non-member Board Secretary: Fernando de las Cuevas
Management
Chief Executive Officer
Santiago Seage
Spain
Eduardo Duque
United States
Armando Zuluaga
EMEA
Michael Geyer
Middle East, Asia and Australia
Craig Windram
Secretary General
Fernando de las Cuevas
Consolidation, Planning & Control
David Fernández
Finance
Javier Albarracín
Engineering
Miguel Ángel Cruz
Operations
David Gámez
Technical
Teodoro López
Construction Supervision
Lara Álvarez
Human Resources
Virginia Arribas
Quality, H & S, Environment
Antonio de la Torre
Internal Audit
Sara Migueláñez
New Technologies
Tower
Antonio Esteban
Parabolic trough
Henry Price
Photovoltaic
Fernando Celaya
Solar Complexes
Solucar
Valerio Fernández
Solana
Emiliano García
Écija
Rafael Osuna
Mojave
Frederick Redell
El Carpio/Castilla-La Mancha
José Emilio Camacho
Shams-1 O & M
Jorge Osborne
Extremadura
José Esteban del Corral
Contact: Allison Lenthall, Director of Communications
allison.lenthall@solar.abengoa.com
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