2009-09-22
Solar Millennium establishes project development subsidiary in Israel
Erlangen/Tel Aviv, 22 September 2009 Solar Millennium AG, Erlangen, (ISIN DE0007218406) has founded a new local project development subsidiary in Israel. The company, headquartered in Tel Aviv, will operate under the name of Solar Millennium Israel, Ltd. and develop solar thermal power plants in Israel.
Christian Beltle, CEO of Solar Millennium: "Israel is planning to establish solar thermal power plants with a total capacity between 4,000 and 6,000 megawatts (MW) within the next ten years and to create the respective framework conditions. Our aim is to gain a market share of about 25 percent. Therefore, we are striving to get an early foothold in the market to be able to start developing solar thermal power plants in time. We are planning to live up to our role as pioneer in Israel as well and intend to contribute to the country's sustainable and independent energy supply by means of solar energy."
Together with its partners, Solar Millennium is participating in tendering procedures for two solar thermal power plants with a capacity between 80 and 125 MW each in Israel. Subject of the tenders that have not been completed as yet is the construction of predefined power plants. The new company, in contrast, will develop its own projects. This means it will secure land, obtain permissions and negotiate power purchase agreements. The Solar Millennium Group has gathered extensive project development know-how in Spain, the US and China. In Spain, Solar Millennium developed Europe's first ever parabolic trough power plants.
Solar Millennium owns 75 percent of shares in the newly founded Israeli development subsidiary. The remaining 25 percent are held by the Israeli entrepreneur Alon Beer, who is already involved in the fields of infrastructure and energy and who will take over the management of Solar Millennium Israel.
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is an international company in the renewable energy sector, with its main emphasis on solar-thermal power plants. Together with its subsidiaries, the company specializes in parabolic trough power plants, a proven and reliable technology with which the Group has adopted a leading position worldwide. Solar Millennium covers all important business sectors along the value chain for solar-thermal power plants - from project development and technology to turn-key construction as well as plant operation and investments in power plants. In Spain, Solar Millennium developed Europe's first parabolic trough power plants and realized them with its partners. Additional projects are planned around the world with an overall capacity of more than 2,000 megawatts. The current regional focus is on Spain, the US, China and North Africa. Furthermore, the company has the aim of achieving market readiness for the so-called Blue Tower technology for the generation of product gas that is rich in hydrogen through the reformation of regenerative residual materials, and also for solar chimney power plants in the long run.
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.
