2010-03-22
Solar Millennium AG: Management Board and Supervisory Board announce an external appraisal of accounting practice
Erlangen, 22 March 2010 The Supervisory Board of Solar Millennium AG (ISIN DE0007218406) will propose to the Annual General Meeting, scheduled for 6 May 2010, mandating Deloitte, one of the four major internationally active auditing firms, to audit the 2009/2010 financial statements. To completely dispel all doubt or any questions on the consolidation practices pertaining to the previous fiscal years of 2004/2005, 2005/2006, 2006/2007, 2007/2008 and 2008/2009, the Supervisory Board resolved over the weekend, at the request of the Management Board, to commission the same auditing firm with an extraordinary appraisal in accordance with Section 111 Paragraph 2 Sentence 2 of the German Stock Corporation Act (AktG). The scope of work of Deloitte is to furnish an accountant's opinion on the compliance of the Company's consolidation practice.
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is an international company in the renewable energy sector, with its main focus on solar-thermal power plants. Together with its subsidiaries and associates, the Company specializes in parabolic trough power plants and has managed to take a globally leading position in this field. Solar Millennium strives to further extend its expertise in the area of solar-thermal power plants with the aim of achieving and securing sustainable technology leadership. As such, the Company covers all important business sectors along the value chain for solar-thermal power plants: from project development and financing to the technology and the turnkey construction and operation of power plants. In Spain, Solar Millennium developed Europe's first parabolic trough power plants and realized these together with partners. Additional projects are planned around the world with an overall capacity of more than 2,000 megawatts: here the current regional focus is on Spain, the US, India, China, the Middle East and North Africa.
About solar-thermal power plant technology:
Solar-thermal power plants generate electricity by converting solar radiation into heat energy. In a parabolic trough power plant, trough-shaped mirrors concentrate the incidental radiation onto a pipe in the focal line of the collector. Its absorption heats a fluid heat medium in the pipe, generating steam in the power block through a heat exchanger. As in conventional power plants, the steam powers a turbine to generate electricity. By integrating thermal storage, electricity can be supplied on demand, even after sunset.
You can download the press release here.
