SolFocus inks $103M CPV deal in Spain

Mountain View, Calif.-based SolFocus said today it signed a $103 million (€80 million) with Madrid, Spain's EMPE Solar.

Under the agreement, SolFocus plans to supply 10 megawatts of concentrated photovoltaic (CPV) solar panels for installation at several sites in southern Spain by late 2010.

SolFocus said the deal represents the largest CPV installation in the world, capable of powering 40,000 homes.

SolFocus uses mirrors and advanced reflective optics to concentrate the sun 500 times on a small, high-efficiency solar cell, which reduces the overall system cost by using low-cost materials such as glass and aluminum.

SolFocus said it 
recently finished installation of two utility-scale CPV projects in Spain for the Institute of Concentration Photovoltaic Systems (see Striking up the intermediate band).

In September, SolFocus became the first CPV manufacturer to get approval for safety and reliability by the California Energy Commission and California Public Utilities Commission, making its products eligible for rebates (see SolFocus gets California regulatory nod).

Earlier this year, SolFocus was named as one of 11 Department of Defense research projects awarded a grant in concert with university-led solar projects to make solar energy cost-competitive against conventional forms of electricity (see Solar projects getting $13.7M from U.S. DOE).

Last year, SolFocus raised $63 million in funding for its new European operations based in Madrid, Spain and its operations in the U.S. (see SolFocus raises $52M and Forget the GPhone, here comes Gsolar).

SolFocus closed on $32 million in series A funding in October 2006.