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I think your math is off. A 110 GW/hr output at $419M would be $262/KW. That's not great, but most solar projcts don't produce 24 hours a day. since this does, having a higher $/W output is more acceptable, especially since the Spanish government subsidizes the entire cost. The plant can be producing fairly cost-effective power to the community quickly.
I looked it up. As of June 2011, the price was an average $25.7/W or $25,700/kW. However, keep in mind, it went online in May of 2011. The plant had an initial cost of $419 million. So, of course the price per kW will be hirer for the time being. But, check back in 10 years, the price may be much different.
This is the first plant of its kind. An experiment if technology. They were hoping for better.
More importantly is how much does the energy cost. They have to get below $4/kW to be sustainable.
It will be very interesting to see how well they can keep the facility operating. They have to prove that they can maintain power levels and time availability through the entire climate cycle. I definitely want to see them do well.