Erlangen, 27 May 2009 Yesterday evening Solar Millennium AG (ISIN DE0007218406) sold the project company for the parabolic trough power plant Andasol 3, Marquesado Solar S.L., to Solanda GmbH. The acquisition price was kept confidential. MAN Ferrostaal AG from Essen, Germany, holds 61.5 percent in Solanda GmbH. The remaining share of 38.5 percent is held by Solar Millennium. The entry of MAN Ferrostaal into the project secures the scheduled construction progress of Andasol 3, even against the backdrop of the latest developments in Spanish legislation.
With the Real Decreto 6/2009 passed on 7 May 2009, Spanish legislators have changed the conditions for granting legally guaranteed feed-in tariffs. Amongst other requirements, evidence of the most important permissions and the procurement of key components must be provided. In addition, the ability to finance at least 50 percent of the investment total of the respective power plant project is required in order to pre-register the project and thus secure the feed-in tariffs. After registration with the authorities, which is expected to take place by the end of September for Andasol 3, the full feed-in tariffs will be guaranteed provided that the power plant is connected to the grid within the following 36 months. As a consequence, the increased tariff security makes Andasol 3 even more attractive than before for the planned entry of additional investors.
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.