Solar Millennium establishes a joint venture with MAN Ferrostaal for the worldwide implementation of solar-thermal power plants
- Solar Millennium expands its business sectors to include construction and delivery of solar-thermal power plants
- The joint venture is to be established as one of the world's leading suppliers
- Relevant turnover and results are expected as of fiscal year 2007/2008
Essen/Erlangen, May 04, 2007: On May 4, 2007, Solar Millennium AG, Erlangen has established a joint venture together with MAN Ferrostaal Power Industry GmbH, a subsidiary of MAN Ferrostaal AG, Essen, for the development and construction of solar-thermal power plants. Each company holds a 50 percent share in the new company, MAN Solar Millennium GmbH. The objective is to establish the joint venture as one of the world's leading suppliers of solar-thermal power plants. At the present time, the formation is still contingent on the consent of the German Federal Cartel Authority. The managing board expects the first relevant turnover and results from the joint venture - to be proportionately incorporated in the consolidated results of Solar Millennium - within the fiscal year 2007/2008.
With this new business sector within the value-added chain of solar-thermal power plants, Solar Millennium is continuing to expand its competence to include the construction and supply of power plants. Commenting on the joint venture, Christian Betle, Chairman of the Board of Solar Millennium, says, "This expansion not only boosts our other business sectors, it serves to enhance our overall market position. With this joint venture, we are consequently pursuing our strategy of cooperating with strong partners in the respective business sectors to optimally utilize market potentials."
As project developer and technological expert, Solar Millennium has both the commercially proven technology as well as the long-term experience and know-how in the development of solar-thermal power plants at its disposal. In Spain, the company has developed the first parabolic trough power plants ever in all of Europe. Two plants are presently under construction which will be the largest solar-thermal power plants worldwide. As a plant engineering expert and general contractor, MAN Ferrostaal has the competence to implement large-scale power plant projects. In this joint venture, Solar Millennium and MAN Ferrostaal will focus their synergies to successfully develop and construct large-scale solar power plants.
In addition to turn-key construction of solar-thermal power plants, the joint venture plans to open up new markets to develop further projects. In the process, the joint venture will utilize its existing international networks and the expert know-how of both parent corporations. Solar Millennium is in the position to additionally provide the joint venture its own projects for continued joint development and implementation.
The joint venture will be headquartered in Essen, Germany and will begin its operations immediately after receiving consent from the German Federal Cartel Authority. The new company will be jointly managed by MAN Ferrostaal and Solar Millennium. Christian Beltle, Chairman of the Board of Solar Millennium, and Michael Pohl, Managing Director of MAN Ferrostaal Power Industry will serve as the managing directors of the new joint venture.
About Solar Millennium AG:
Solar Millennium AG is a globally active project development and technology company in the renewable energy sector. Together with subsidiaries and partners, Solar Millennium AG projects and realises solar thermal power plants. It has specialized in two technologies for these large-scale solar power stations. It is the technology provider for parabolic trough power plants, a proven and reliable technology in which the company occupies a top position worldwide. Apart from this, the company develops solar chimney power plants with the objective of also achieving market maturity. The focal areas of current projects are Spain, the USA, China and North Africa.
About MAN Ferrostaal AG:
MAN Ferrostaal AG, Essen is the industrial service provider in the MAN group with 4,300 employees and a turnover of 1.4 billion euros (2006). With the lines "projects" and "services", MAN Ferrostaal serves customers in more than 60 countries worldwide. MAN Ferrostaal is a subsidiary of MAN Aktiengesellschaft, Munich. The MAN group is one of the leading vehicle, engine and machine construction companies in Europe with an annual turnover of around 13 billion euros. MAN is a provider of lorries, buses, diesel engines, turbo machines and industrial services and employs around 50,000 employees worldwide. The MAN company divisions hold leading positions in their markets. MAN AG, Munich is quoted on the German Share Index, the DAX, of the 30 leading German public limited companies.
About the technology:
Solar thermal power plants generate electricity using the heat energy captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors concentrate the sun rays onto a pipe in the focal line of the collector. Through their absorption a heat transfer fluid is heated in the pipe, generating steam in the power block by way of heat exchange. As with conventional power stations, the steam is used in a turbine to generate power, which can be provided according to plan by integrating a thermal storage. Therefore, the solar power plants can also generate electricity after sunset.
