2008-03-05

Solar Millennium AG Successfully Completes Capital Increase: All New Shares have been Sold

Erlangen, 05.03.2008 Solar Millennium (ISIN DE0007218406) has successfully completed its capital increase. All 2,584,505 of the new, non-par value shares from authorized capital have been sold. After the registration of the capital increase, the company's share capital is EUR 12.5 million. The gross proceeds from the capital increase of around EUR 55 million shall be used to finance further expansion within the scope of the existing business model.

During the subscription period (February 19 to March 4, 2008) Solar Millennium shareholders were entitled to subscribe for one new share at the subscription price of EUR 21.00 for every four old shares held via Commerzbank AG. The subscription rights were traded on the Frankfurt Stock Exchange's Open Market (floor trading) from February 25 to February 29, 2008. Following the registration of the capital increase in the commercial register, the new shares will be included in the quotation of the shares of Solar Millennium in the Open Market at the Munich and Frankfurt stock exchanges and will be entitled to full dividends for the fiscal year 2006/2007.

The issuing proceeds shall be used to finance the expansion of both project development activity and the company's technological lead in order to strengthen its position in existing markets and allow entry into further markets. To expand its technological lead, the proceeds from the capital increase will be also used for research and development activities for the further optimization of the parabolic trough technology. The aim is to strengthen the technological lead of the Solar Millennium group. Solar Millennium intends to significantly reduce the costs of solar thermal electricity generation through investment in research and development.

Thomas Mayer, Solar Millennium's CFO, is very pleased: "We have significantly strengthened our own capital base with the cash flow from the capital increase in order to be able to continue with our growth strategy. The strong demand from our existing shareholders demonstrates a clear commitment to the company and to the group's strategy. My thanks go to all of our shareholders for this tremendous proof of confidence in our work."

You can download the press release here.