DGAP-Media: Solar Millennium AG: US power plant projects proceed to next stage in approval procedure
(firmenpresse) - Solar Millennium AG / Energy
05.05.2010 16:14
Dissemination of a Media Release, transmitted by
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- Environmental impact studies for four Solar Millennium power plant
sites published by US authorities
- Citigroup and Deutsche Bank are working on the structuring and
financing of the 242 megawatt power plants with priority
- Building permit for at least one power plant expected to be granted by
autumn 2010
Berkeley/Erlangen, 05 May 2010
The four potential power plant locations of Solar Millennium AG's (ISIN
DE0007218406) and Ferrostaal AG's US subsidiary, which are on the so-called
fast track list, have reached the next stage of the approval procedure. All
power plant projects are on schedule. Solar Millennium intends to start
construction of at least one planned project by the end of this year. If
the approval procedures run smoothly, a total of nine projects with a
capacity of around 250 MW each could be realized at these four sites.
The US authorities have presented the first drafts of the environmental
impact studies (EIS) for the three Californian sites Palen, Blythe and
Ridgecrest as well as the site in Nevada's Amargosa desert to the public.
The first statement by the Californian energy commission (the so-called
California Energy Commission Staff Assessment) was presented at the same
time. The public hearing phase, which allows the public to state their
opinion and comments on the projects for a period of 90 days for each
project, is about to commence. In parallel to their environmental
appraisal, the projects are also closely analyzed by independent expert
teams (due diligence) with respect to a qualification for subsidies by the
US government. These assessments are well under way and are expected to be
completed as early as summer 2010.
Subsequently, the responsible energy commissions of California and Nevada
will decide whether the building permit will be granted on the basis of all
these analyses and opinions. In June 2009, Solar Millennium LLC already
signed so-called power purchase agreements (PPA) with the utility Southern
California Edison (SCE) for part of the power plants that are to be built
at the Californian locations. The PPAs refer to two parabolic trough power
plants with a capacity of 242 MW each, with the option for an additional
242 MW power plant, and provide for SCE to purchase the electricity
generated by the planned solar power plants for a period of 20 years. These
power plants are scheduled to be commissioned between 2013 and 2014.
Josef Eichhammer, managing Director of the US-American project development
company Solar Millennium LLC, headquartered in Berkeley, California: 'Our
power plant projects are fully on schedule. The current approval activities
deal with environmental assessment and possible compensation measures or
planning adjustments. From today's point of view, we should be able to
receive the construction permit for at least one power plant by autumn this
year.' Solar Millennium LLC is a fully owned subsidiary of Solar Trust of
America, a US-American joint venture owned by the Solar Millennium Group
and the Ferrostaal Group.
'Financing negotiations are likewise well under way' says Eichhammer. 'We
are planning to close the financing and officially commence building in the
current fiscal year. We have filed applications for loan guarantees
covering the planned power plants in California and Nevada with the US
Department of Energy.'
In the US, solar power plant projects can furthermore benefit from the
so-called Investment Tax Credits (ITC) until 2016. This entails tax relief
of up to 30 percent of the investment total. The ITCs were created by the
government to make investments in solar power plants more attractive. All
projects starting realization in 2010 will qualify for subsidies from
President Barack Obama's stimulus package (American Recovery and
Reinvestment Act 2009). This provides for companies to receive the ITCs as
a direct cash grant for financing by the government rather than in the form
of tax relief.
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is an international company in the renewable
energy sector, with its main focus on solar-thermal power plants. Together
with its subsidiaries and associates, the Company specializes in parabolic
trough power plants and has managed to take a globally leading position in
this field. Solar Millennium strives to further extend its expertise in the
area of solar-thermal power plants with the aim of achieving and securing
sustainable technology leadership. As such, the Company covers all
important business sectors along the value chain for solar-thermal power
plants: from project development and financing to the technology and the
turnkey construction and operation of power plants. In Spain, Solar
Millennium developed Europe's first parabolic trough power plants and
realized these together with partners. Additional projects are planned
around the world with an overall capacity of more than 2,000 megawatts:
here the current regional focus is on Spain, the US, India, China, the
Middle East and North Africa. More information is available at
www.SolarMillennium.com
About Solar Trust of America:
Solar Trust of America, LLC is an integrated industrial solutions company
of solar thermal power plants The Company is a joint venture of the Solar
Millennium Group (70%) and the MAN Ferrostaal Group (30%) and covers the
entire value chain for solar thermal power plants in the region of North
America. This includes the business segments of project development and
financing, engineering, turn-key construction and operation of power
plants. The American project development company Solar Millennium LLC,
headquartered in Berkeley (California), is a wholly-owned subsidiary of
Solar Trust of America
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.
For further information:
Solar Millennium AG
Dipl.-Ing. Sven Moormann (Corporate Communications)
Dr. Stefan Eckhoff (Investor Relations)
Tel.: +49 (0)9131 9409-0
Email: presse(at)SolarMillennium.de / investor(at)SolarMillennium.de
Web: www.SolarMillennium.de
This press release constitutes neither an offer to sell nor the
solicitation of an offer to buy any securities of Solar Millennium AG. The
press release shall not form the basis for investment decisions regarding
securities of the company. Any such investment decision of a prospective
investor shall be based solely on such prospective investor's own
investigations and assessments.
This release contains forward-looking statements. These statements are not
a description of past facts, but rather relate to expectations and opinions
of Solar Millennium AG. These statements are based on current plans,
assessments and forecasts of the company. Investors should not rely on
these statements. Forward-looking statements must be understood in the
context of the circumstances existing at the time when they were made. The
company assumes no obligation to update the forward-looking statements in
this release based on new information or future events. Forward-looking
statements always involve risks and uncertainty. Due to a multitude of
factors, actual events and actual developments may differ significantly
from the forward-looking statements contained herein. This press release
was originally prepared in German. The translation of this release or parts
thereof is considered as a service for journalists, analysts and investors
who are not able to understand German. Only the German version is legally
binding.
05.05.2010 16:14 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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