2009-07-17
Solar Millennium successfully completes sales of stakes in Andasol 1 and 2
• Consistent realisation of the business model by selling a 25 percent stake in each of the Spanish power plant companies;
• Thus, the postponed stake sales from last year have been performed and will be shown separately as additional effect in the current fiscal year as planned;
• Further improvement of the liquidity situation expands leeway for future business development and the realisation of upcoming solar power plant projects
Erlangen, 17 July 2009 Solar Millennium AG (ISIN DE0007218406) has once again successfully sold stakes in solar-thermal power plants the Group developed. The stakes in Andasol 1 and 2 held by the Solar Millennium Group of 25 percent each were sold to the Spanish ACS/Cobra Group yesterday. In the past this Group had already acquired the other stakes in both these power plant projects from Solar Millennium. Through the stakes sale, Solar Millennium has generated the additional earnings effect of about € 12 million that had been planned for the ongoing fiscal year. This additional effect results from last year's plan deviation. At the same time, the Group has stopped pursuing the originally intended fund financing concept for Andasol 1 and 2. The sale of the stakes improves Solar Millennium AG's excellent liquidity situation even further. The parties agreed not to disclose any details of the acquisition contract.
The Andasol 1 and 2 projects are Europe's first ever parabolic trough power plants, initiated and developed by Solar Millennium AG. Both plants have been completed and are presently feeding electricity into the Spanish high voltage system. Together with the solar power plant Andasol 3, which Solar Millennium is implementing together with Stadtwerke München, RWE Innogy, RheinEnergie and MAN Ferrostaal, the Andasol power plants will supply about half a million people with environmentally friendly power. Solar Millennium's subsidiary Flagsol GmbH (Cologne, Germany) delivered the solar fields for all the three power plants.
Christian Beltle, CEO of Solar Millennium says: "For us the sale of the stakes in Andasol 1 and 2 to our Spanish project partner is the successful completion of our first two projects in Europe. The ACS/Cobra Group, who realised both the power plants together with Solar Millennium, made the most attractive offer for the stakes for sale. Thus, we have been able to once again realise an important component of our business model by selling stakes in power plant companies."
Thomas Mayer, CFO of Solar Millennium adds: "With the successful transaction that has furthermore improved our liquidity situation once again we are well equipped for the realisation of upcoming power plant projects. Spain remains an important market for us and we will therefore continue to invest there. However, our project pipeline is also filled to the brim in the US, our next major market. Moreover, we are determined to implement our internationalisation strategy by developing solar power plant projects in other countries as well. The logical consequence is that the Solar Millennium Group is contributing know-how to the Desertec Industrial Initiative. For us Desertec is an important pillar for the safe and economic energy supply in Europe and North Africa."
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.
You can download the press release here .
