Solar Millennium increases share in its sales subsidiary Solar Millennium Invest AG to 100 percent
Erlangen, 29 August 2011 Solar Millennium AG (ISIN DE0007218406) has increased its share in the sales subsidiary Solar Millennium Invest AG to 100 percent by indirectly acquiring the 45 percent share from Prof. Dr. Wolfgang Gerke at nominal value.
Solar Millennium is thus streamlining and simplifying group structures as well as providing for more transparency. Prof. Dr. Wolfgang Gerke, a renowned expert in the fields of banking and stock exchanges and the President of the Bayerisches Finanz Zentrum (Bavarian Financial Center), will stay on as a member of Solar Millennium Invest AG’s supervisory board.
Dr. Christoph Wolff, CEO of Solar Millennium and chairman of Solar Millennium Invest AG’s supervisory board states, “I am pleased that Prof. Gerke will continue to apply his financial expertise to the supervisory board of Solar Millennium Invest AG, thereby supporting the Solar Millennium Group in its capital market activities.”
Prof. Dr. Wolfgang Gerke, continues, “The involvement in the supervisory board of this financial services company is important to me personally, as I am more than willing to support the combination of environmentally friendly technology, the future prospects of a booming market and an interesting investment and financial concept.”
Solar Millennium Invest AG was founded in November 2009. Solar Millennium AG’s sales subsidiary sells capital market products like corporate bonds associated with solar power plant projects. By founding this licensed financial services company, Solar Millennium consciously left the grey market, subjecting its sales activities to the supervision of the German Federal Financial Supervisory Authority (BaFin). As a financial services institute, Solar Millennium Invest is further subject to the regulations of the German Banking Act (KWG) and the Securities Trading Act (WpHG) and must meet strict transparency and audit standards. Moreover, the company is a compulsory member of the Compensatory Fund of Securities Trading Companies (EdW), which seeks to provide small investors in particular with minimum protection from a potential loss of their claims resulting from securities transactions.
About Solar Millennium AG:
Solar Millennium AG, Erlangen, (ISIN DE0007218406) is a company that operates globally in the renewable energy sector, with its main focus on solar power plants. Together with its subsidiaries and associates, the Company specializes in solar-thermal power plants, particularly parabolic trough plants, and has taken a global leadership position in this field. Solar Millennium is striving to further extend its expertise in this area with the aim of achieving and securing sustainable technology leadership. The Company covers all important business sectors along the value chain for solar power plants: from project development and financing to technology and the turnkey construction and operation of power plants. Solar Millennium realized Europe’s first parabolic trough power plants in Spain as well as the first modern parabolic trough solar field in Egypt. In Blythe (California), Solar Millennium is presently developing the largest solar power plant in the world. Additional projects are planned around the world with a total capacity of several thousand megawatts. The current regional focus is on Spain, the U.S., 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.