Solar Millennium AG decides not to increase capital in current fiscal year; earnings guidance confirmed
Erlangen, Germany, 26.09.2007: Solar Millennium AG (ISIN DE 0007218406) no longer intends to increase capital in the current fiscal year - ending October 31, 2007. Hence, the resolution to increase the company's registered share capital made at the AGM on May 23, 2007 will lapse. The planned transaction was closely connected to the feasibility of a substantial acquisition in Solar Millennium’s core business. The Board of Directors had scrutinised investment and acquisition opportunities. Since the requisite investment criteria relating to the potential acquisition target were not entirely met, the Board of Directors, in agreement with the Supervisory Board, decided not to raise the share capital.
Nevertheless, Solar Millennium will continue to closely examine future investment and acquisition opportunities within the framework of the company’s adopted growth strategy. If all investment criteria are met, new acquisitions will also contribute to Solar Millennium’s future growth. Neither the acquisition target nor the increase in share capital were included in Solar Millennium's published earnings guidance for the current fiscal year. The Board of Directors maintains its guidance of EUR12m profit.
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is a globally active company in the renewable energy sector, with its main focus on solar thermal power plants. Solar Millennium specializes in parabolic trough power plants – a reliable, proven technology in which the company is a worldwide leader. The company covers all important business sectors of the value-added chain for solar thermal power plants, from project development to technology and the turn-key construction of power plants, to the operation and ownership of power plants. In Spain, Solar Millennium developed Europe’s first ever parabolic trough power plants, two of which are already under construction. Further projects are planned with a capacity of several hundred Megawatts are located worldwide, with the focus upon Spain, the USA, China and North Africa. The company is also developing solar chimney power plants, with the aim of making this technology ready for the market.
About the technology:
Solar thermal power plants generate electricity using heat energy captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors concentrate the sun rays onto a pipe in the focal line of the collector. Their absorption causes a heat transfer fluid to be heated in the pipe, generating steam in the power block by way of heat exchange. As with conventional power stations, the steam is utilized in a turbine to generate power; by integration of thermal storage, this power can then be supplied on demand. Thus, solar power plants can also generate electricity after sunset.
Nevertheless, Solar Millennium will continue to closely examine future investment and acquisition opportunities within the framework of the company’s adopted growth strategy. If all investment criteria are met, new acquisitions will also contribute to Solar Millennium’s future growth. Neither the acquisition target nor the increase in share capital were included in Solar Millennium's published earnings guidance for the current fiscal year. The Board of Directors maintains its guidance of EUR12m profit.
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is a globally active company in the renewable energy sector, with its main focus on solar thermal power plants. Solar Millennium specializes in parabolic trough power plants – a reliable, proven technology in which the company is a worldwide leader. The company covers all important business sectors of the value-added chain for solar thermal power plants, from project development to technology and the turn-key construction of power plants, to the operation and ownership of power plants. In Spain, Solar Millennium developed Europe’s first ever parabolic trough power plants, two of which are already under construction. Further projects are planned with a capacity of several hundred Megawatts are located worldwide, with the focus upon Spain, the USA, China and North Africa. The company is also developing solar chimney power plants, with the aim of making this technology ready for the market.
About the technology:
Solar thermal power plants generate electricity using heat energy captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors concentrate the sun rays onto a pipe in the focal line of the collector. Their absorption causes a heat transfer fluid to be heated in the pipe, generating steam in the power block by way of heat exchange. As with conventional power stations, the steam is utilized in a turbine to generate power; by integration of thermal storage, this power can then be supplied on demand. Thus, solar power plants can also generate electricity after sunset.
