2006-12-21
Solar Millennium cooperates with General Electric (GE) in the field of solar thermal power plants
Solar Millennium strengthens its participation in solar thermal power plants as GE Energy Financial Services buys shares in a Solar Millennium subsidiary, Solar Millennium Beteiligungen GmbH, which is a holding company that has the opportunity to participate in up to five solar thermal power plants.
Erlangen, Germany, December 21, 2006. Solar Millennium AG, Erlangen, announced today that it has sold 80 percent of the shares in its subsidiary Solar Millennium Beteiligungen GmbH to GE Energy Financial Services, a business unit of US-based General Electric (NYSE: GE).
Financial details of the transaction were not disclosed.
The business objective of Solar Millennium Beteiligungen GmbH is the participation in up to five solar thermal power plants that Solar Millennium AG is developing.
Christian Beltle, Chairman of the Board of Solar Millennium AG, said: "A successful involvement with GE Energy Financial Services will allow us to strengthen our profitable participation in solar power plant projects and help secure the profitability of our business model for the years to come. Through Solar Millennium Beteiligungen GmbH, Solar Millennium AG will be permanently involved in the solar thermal power plants." As a result of the involvement in the power plant companies, Solar Millennium AG will be able to use plant construction and operational know-how for new projects.
Solar Millennium AG has successfully developed solar thermal power plant projects in Andalusia in the south of Spain. In June 2006, construction of the first parabolic trough power plant in Europe began. The 300 million Euro project will supply about 200,000 people with solar electricity.
About Solar Millennum AG:
Solar Millennium AG is an innovative project development and technology company in the renewable energy sector which is active around the world. Together with its subsidiaries and partners, Solar Millennium AG plans and constructs solar thermal power plants, and has specialized in two technologies in this field. Firstly, it is a technology provider for parabolic trough power plants, a proven and reliable technology in which Solar Millennium is regarded a world leader. Further, the company develops solar chimney power plants with the objective to make this technology marketable. The main focus of current projects is Spain, the USA and China.
About GE ENERGY FINANCIAL SERVICES:
GE Energy Financial Services' 300 experts invest globally with a long-term view, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With US $13 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, USA, invests more than $3 billion annually in two of the world's most capital-intensive industries, energy and water. In renewable energy, GE Energy Financial Services has developed a strong record investing in wind, solar, biomass, hydro and geothermal power, and is growing its portfolio of $1.5 billion in renewable energy assets. More information: www.geenergyfinancialservices.com.
About GE:
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
About the technology:
Solar thermal power plants generate electricity using the heat captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors focus the incident solar radiation onto a pipe in the focal line of the collector. A heat transfer medium in the pipe is heated, and this generates steam in the power block section using heat exchangers. The steam is then used to operate a turbine which generates electricity in the same way as in conventional power plants. Integration of a thermal storage system means the availability of the electricity can be planned. Therefore, the solar power plants can also generate electricity after sunset.
For more information:
Solar Millennium AG Sven Moormann phone: +49(0)9131 9409-0 presse(at)SolarMillennium.de www.SolarMillennium.de
