Solar Millennium AG: Corporate bond repaid as scheduled by date of maturity
Erlangen, 23 August 2011 The third Solar Millennium AG corporate bond amounting to € 20 million, which was issued on 22 August 2006, was repaid in full to investors yesterday. The bond had a fixed interest rate of 6.5% p.a. and contributed to the successful realization of Europe's first parabolic trough power plants, Andasol 1 through 3, in southern Spain over the last five years. In particular, the capital was used to secure financing for the Andasol 2 solar-thermal power plant and to equip the Spanish project companies.
Solar Millennium is repaying the bond with proceeds from the operating business activities. The company had already repaid the first two corporate bonds for a total of € 50 million in full and on schedule in 2009 and 2010.
"On behalf of the company, I'd like to thank all of the bond's subscribers for the confidence you have shown," stated Dr. Christoph Wolff, CEO of Solar Millennium AG. "Your investments were a critical addition to the energy transition and made it possible to realize our flagship project Andasol, Europe's first parabolic trough power plants."
The process of commissioning the Andasol 3 power plant is currently in full swing after just two years of construction. Andasol 3 will begin feeding power into the grid and will go into commercial operation in October 2011. Together with the Andasol 1 and 2 facilities, the power plant will provide 500,000 people with clean electricity.
Andasol 3 is already the third power plant realized by Solar Millennium in Spain, and two additional solar-thermal power plants, Arenales and Ibersol, are being implemented in that country.
Those interested can currently participate in the € 100 million bond issued on 7 March 2011, over 60% of which has already been placed. It can only be subscribed until the full volume has been placed, or until 6 March 2012.
About Solar Millennium AG:
Solar Millennium AG (ISIN DE0007218406), Erlangen, 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.