Solar Millennium AG acquires stakes in the Ibersol project from NEO Energía

• Start of the project scheduled for mid-2009
• Early involvement of major investors in the project
• Continued growth strategy to the fore 

Erlangen, 23/01/2009  Solar Millennium AG (ISIN DE0007218406) has acquired a 50 per cent stake in the Spanish project company Ibersol Electricidad Solar Ibérica S.L. from NEO Energía, a subsidiary of Energías de Portugal S.A. (EDP). Solar Millennium intends to start work on the planned 50 MW parabolic trough power plant mid-2009 and is already in negotiations with large investors vis-à-vis their involvement in the project.

The technology needed for the Ibersol solar power plant is to be supplied by Flagsol GmbH, a subsidiary of Solar Millennium based in Cologne. It is also expected that responsibility for the construction of the power plant will come from within the Solar Millennium Group. MAN Solar Millennium GmbH is to assume responsibility for this in a joint venture with MAN Ferrostaal. Currently Solar Millennium owns a 100 per cent share in the project company. In order to secure financing for the power plant it is expected that the majority share in the project company Ibersol Electricidad Solar Ibérica S.L. will be sold to large investors.

This Ibersol project represents the fourth parabolic trough power plant which Solar Millennium has developed in Spain. Unlike the previous projects Andasol 1 to 3 which are situated at the foot of the Sierra Nevada in Andalucía, the Ibersol power plant will be located in the Spanish region of Extremadura.

Christian Beltle, CEO at Solar Millennium, is planning to construct many more solar power plants on the Iberian Peninsula: "Our Andasol power plants in southern Spain are the first ever parabolic trough power plants developed in Europe. Spain will remain for us a significant market over the next few years. We have many projects in the pipeline here. With projects totalling a power output capacity worldwide of over 2,000 MW, we are consistently continuing to advance our growth strategy."

About Solar Millennium AG:
Solar Millennium AG, Erlangen, is a globally active company in the renewable energy sector, with a main focus on solar thermal power plants. Together with its subsidiaries, Solar Millennium specialises in parabolic trough power plants - a reliable, proven technology in which the company has a worldwide leading position covering all major business sectors along the value chain for solar thermal power plants from project development over technology and turn-key construction to the operation and ownership of power plants. In Spain, Solar Millennium developed Europe's first ever parabolic trough power plants and realised them together with partners. Further projects are planned worldwide with an overall capacity of over 2,000 Megawatts. The current regional focus is on Spain, the USA, China and North Africa. In addition, the company develops solar chimney power plants aiming to make this technology ready for the market.

About solar thermal power plant technology:
Solar thermal power plants generate electricity using solar radiation converted into thermal energy. In a parabolic trough power plant, the solar radiation is concentrated by trough-shaped mirrors onto a pipe in the focal line of the collector. Its absorption heats up a heat transfer fluid in the pipe, generating steam in the power block by means of a heat exchanger. As with conventional power plants, the steam powers a turbine to generate electricity. And by integrating a thermal storage, electricity can be supplied on demand, even after sunset.

You can download the press release here.