Business
El Romeral: Start of Solar Installations
El Romeral: Start of Solar Installations.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n \n \n \n \n 24 June 2022\n \n \n \n \n \n \n Prospex Energy PLC\n \n \n \n ('Prospex' or the 'Company')\n \n \n \n \n \n \n \n \n El Romeral: Start of Solar Installations to Increase and Diversify Generation\n \n \n \n \n \n \n Prospex Energy PLC (AIM: PXEN), the AIM-quoted investment company focused on European gas and power projects, is pleased to announce that the first of two projects in solar generation diversification at the El Romeral power plant in southern Spain ('El Romeral') has commenced. The Company holds a 49.9% working interest in El Romeral through its interest in Tarba Energía S.L. ('Tarba'). The remaining 50.1% working interest is owned by Warrego Energy Limited (ASX: WGO). \n \n \n \n \n \n Installation work\n to place solar panels on the roof of the power plant ('Project Apollo') was approved by Tarba earlier this month and is expected to be completed by the end of July. Project Helios, the second solar generation project, involves the installation of photo-voltaic panels on land adjacent to the plant. Front-end engineering and design ('FEED') studies for Project Helios were approved by Tarba earlier this year and have now commenced.\n \n \n \n \n \n El Romeral continues to provide a very healthy income from selling electricity on the spot market in Spain. Following the gas price cap instituted by the Spanish government as of mid-June, daily electricity prices are expected to average €150/MWhr for the coming 12 months. The El Romeral power plant is now operating 24 hours a day seven days a week as its default operating mode, thereby optimising revenue.\n \n \n \n \n \n \n Project Apollo Highlights\n \n \n \n ·\n The installation of solar panels on the roof of the El Romeral power plant will result in increased sales of electricity.\n \n \n ·\n Cost of installation is less than €50,000 and has been financed from existing funds held by Tarba. Payback from this investment is estimated to be approximately four years.\n \n \n ·\n Installation of a total of 83 photo-voltaic panels in three separate zones on the power plant roof giving a total installed peak capacity of 41.5 kWh. With the sunny climate of Andalusia, this is expected to generat...