28.03.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------------
• Construction due to start in May 2008 • Timely involvement by major investor • Consequent pursuing of the growth strategy
Erlangen (Germany), 28.03.2008 Today, Solar Millennium (ISIN DE0007218406) has acquired a 50 percent share of the project company Marquesado Solar S.L. from NEO EnergÜa's, a subsidiary of Energias de Portugal S.A. (EDP). It has been agreed by the parties that details of the acquisition contract remain confidential. Following the acquisition of the shares, Solar Millennium will be accelerating the realization of its related Andasol 3 project.
The technology for Andasol 3 is to be provided by the Solar Millennium subsidiary Flagsol GmbH in Cologne. The Solar Millennium group is to be, besides others, in charge of building the power plant, an unprecedented undertaking by the group to date. Confirmation of project financing is expected shortly from the banks, with construction due to start in May 2008. Another major investor is to take the place of NEO EnergÜa as project partner in the Andasol 3 project.
Located at the foot of the Sierra Nevada in Andalusia in southern Spain, Andasol 3 is the third parabolic trough power plant to be developed by Solar Millennium. This location is ideally suited for solar thermal power plants. Construction of the sister projects Andasol 1 and 2 is already underway. Andasol 1, Europe's first parabolic trough power plant, is to be connected to the grid in summer 2008. Andasol 2 will also begin operation at the start of 2009. With a collector surface area of 510,000 square meters each, equal to the area of 70 football fields, these are the world's largest solar power plants. The 300 million euro projects each have a gross annual output of around 180 gigawatt hours of electricity, supplying up to 200,000 people. With the use of thermal storage the power plants are also able to provide dependable electricity supplies after the sun has set.
Christian Beltle, chairman of the Solar Millennium board, is very pleased: 'We will begin realizing the Andasol 3 solar power plant project shortly, thereby remaining within our forecasts for the current fiscal year. With Andasol 3, in addition to providing the project development and the technology, the Solar Millennium group will also be taking on responsibility for power plant construction for the first time. We are therefore consistently pursuing our growth strategy'.
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Information and Explaination of the Issuer to this News:
About Solar Millennium AG: Solar Millennium AG, Erlangen, is a globally active company in the renewable energy sector, with its main focus on solar thermal power plants. Together with its subsidiaries, Solar Millennium specializes in parabolic trough power plants - a reliable, proven technology in which the company is a worldwide leader. The company covers all major business sectors of the value-added chain for solar thermal power plants, from project development to technology and turn-key construction of power plants, to the operation and ownership of power plants. In Spain, Solar Millennium developed Europe's first ever parabolic trough power plants, two of which are already under construction. Further projects are planned with a capacity of several hundred Megawatts located worldwide, with the focus upon Spain, the USA, China and North Africa. The company is also developing solar chimney power plants, with the aim of making this technology ready for the market.
About the technology: Solar thermal power plants generate electricity using heat energy captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors concentrate the sun's rays onto a pipe in the focal line of the collector. Their absorption heats a transfer fluid in the pipe, generating steam in the power block by way of heat exchange. As with conventional power plants, the steam is utilized in a turbine to generate power, and by integrating thermal storage, this power can be supplied on demand. Thus, solar power plants can also generate electricity after sunset.
Contact: Solar Millennium AG Sven Moormann Telefon/phone: (09131) 9409-0 presse@SolarMillennium.de investor@SolarMillennium.de www.SolarMillennium.de 28.03.2008 Financial News transmitted by DGAP
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