DGAP-News: S.A.G. Solarstrom AG: loan agreement with Deutscher Bank for EUR65 million for project pipeline signed
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Contract
S.A.G. Solarstrom AG: loan agreement with Deutscher Bank for EUR65
million for project pipeline signed
03.07.2012 / 10:00
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S.A.G. Solarstrom AG: loan agreement with Deutscher Bank for EUR65 million
for project pipeline signed
Freiburg, July 3, 2012. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008), Freiburg, has now
signed the loan agreement for a total of EUR65 million to finance its
project pipeline after receiving the promise to provide funding on June 27.
The loan, at conditions in line with the market, has a term up until the
fall of 2013 and is to be used to provide intermediate funding for various
projects of the S.A.G. Solarstrom Group planned in 2012 and 2013, which are
chiefly to be implemented in Germany. S.A.G. Solarstrom AG is thus
substantiating its plans to considerably increase the installation volume
in 2012, compared with the previous year. In 2011, the Group installed a
total of around 100 MWp. At the same time, the loan agreement corroborates
the successful cooperation of S.A.G. Solarstrom AG with the Deutsche Bank
in the intermediate and long-term planning of photovoltaic projects in
Germany and abroad.
After the project bridging loan for the 48 MWp Serenissima project in July
2011 and the long-term funding of the project in March 2012 with the
Deutsche Bank as consortium manager, the loan agreement that has now been
signed is already the third large transaction within one year.
The loan, at conditions in line with the market and in the amount of EUR65
million has a term running until September 30, 2013. The payment is subject
to the fulfillment of customary bank conditions. The S.A.G. Solarstrom
Group will use the funds to implement projects with a volume of up to 60
MWp, which are to be installed chiefly in the third and fourth quarter of
2012 in Germany. Some projects are also planned in Italy. The changes to
the Renewable Energy Law in Germany, approved finally on June 29, 2012 by
the German Federal Council (Bundesrat), as well as other changes planned in
Europe - for example in Italy - have already been taken into consideration
in the implementation planning of the project pipeline.
'The successful financing of projects is definitely one of the key factors
for companies in the photovoltaic industry, especially in the current
market environment. We are delighted with the trust that the Deutsche Bank
has placed in us with this loan. The funding of our current project
pipeline corroborates our planning for the year 2012 - a significant
increase in the sales volume and a positive EBIT result', says Dr. Karl
Kuhlmann, CEO of S.A.G. Solarstrom AG. 'The successful conclusion of the
loan agreement also shows that it was the right decision to actively
strengthen the Financing division by appointing Ulrich Kenk and Karin
Schopf as dual managers in the Executive Board'.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent
provider of high-quality photovoltaic plants configured to customers'
individual needs. The Group constructs efficient plants of all sizes both
in Germany and abroad. S.A.G. Solarstrom AG also produces solar energy at
its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of
photovoltaic plants, including forecast and energy services, yield reports,
and remote service and maintenance, as well as insurance and financing. The
Group thus offers a comprehensive value chain in photovoltaics, from yield
reports, planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
Founded in 1998, S.A.G. Solarstrom AG is considered a pioneer in the solar
industry. Around 210 specialists work at the four locations in Germany and
the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the m:access rules and standards of the
Munich Stock Exchange.
Further information: www.solarstromag.com
Contact:
S.A.G. Solarstrom AG
Sasbacher Straße 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr(at)solarstromag.com / ir(at)solarstromag.com
End of Corporate News
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03.07.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Germany
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail(at)solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008
WKN: 702100
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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