DGAP-News: Solar Millennium AG: John Clapp appointed new CFO of Solar Trust of America
(firmenpresse) - Solar Millennium AG / Change of Personnel
01.06.2010 14:45
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Citigroup manager of many years strengthens US subsidiary for the
financing of US power plant projects
- Renowned specialist for the US government's Loan Guarantee Program in
the field of renewable energies
- Solar Millennium's Executive Board considers the appointment a further
milestone in the realization of US power plants
Berkeley/Erlangen, 01 June 2010 Solar Trust of America (STA), a joint
venture by Solar Millennium AG (ISIN DE0007218406) and the Ferrostaal
Group, has named John D. Clapp as its new Chief Financial Officer (CFO)
with immediate effect. The main area of responsibility of the former
long-term Citigroup manager will be to secure financing for the planned
power plant projects in Nevada and California. As Citigroup already
received the mandate as financial advisor for these projects in 2009, John
Clapp is already familiar with the details of the planned power plants due
to his previous position as one of the managing directors of Citigroup's
Global Energy segment.
The 41-year old is considered a renowned financing expert for projects in
the field of renewable energies. His wealth of experience particularly
focuses on seeking to include tax equity and the US government's loan
guarantees in project financing. Prior to his five years with Citigroup,
John Clapp spent more than ten years as a successful economic and
management consultant to companies involved in the field of power and
energy and government authorities in North America, Europe and Asia.
Uwe T. Schmidt, CEO of Solar Trust of America: 'We are extremely pleased to
add a financial expert of John Clapp's caliber to our management team. His
knowledge in renewable project finance and his experience in working with
the US Department of Energy make him the ideal addition to our leadership
team. Together we will continue to build Solar Trust of America into the
premier solar-thermal power plant developer, constructor and operator in
North America.'
'This is an exciting opportunity to join a solar technology leader with a
robust project pipeline and a unique approach to business that I believe
clearly sets it apart from its peers,' said Clapp upon taking office. 'I am
also very impressed with Solar Trust of America's vision for the future and
excited to join the highly seasoned team of solar technology experts in
developing, financing and constructing solar-thermal power plants in the
southwestern US.'
Thomas Mayer, spokesman for the Executive Board of Solar Millennium AG:
'With John Clapp we strengthened our management with an experienced top
manager from the US finance sector. Together with Uwe T. Schmidt, a
successful entrepreneur with excellent contacts in the US market and Josef
Eichhammer, a tested and proven professional executive with 25 years of
project development experience, the management of Solar Trust of America is
perfectly positioned for the opportunities and challenges in the coming
years.'
As many as four proposed power plant locations of Solar Millennium AG and
its partner Ferrostaal's US-American companies are on the so-called Fast
Track list.The approval process for projects on the Fast Track list is
given priority by the relevant regulatory agencies. The time planning
provides for construction of at least one power plant to commence by the
end of the year. If approved, up to nine power plants with generating
capacity of some 250 MW each could be realized at these four locations.
Josef Eichhammer, President and COO of STA and CEO of the American project
development company Solar Millennium LLC, headquartered Berkeley,
California, says: 'Our power plant projects are fully on schedule and
moving ahead expeditiously on all fronts. John Clapp is a great addition to
our team and he will strengthen our efforts to finalize the complex
financing of our power plants.'
In addition to the Loan Guarantee Program, solar power plant projects in
the USA can further benefit from so-called Investment Tax Credits (ITC)
through 2016. This entails tax relief of up to 30 percent of the investment
total. The government designed the ITCs to make investments in solar power
plants more attractive. All projects commencing realization as early as
2010, qualify for subsidies from President Barack Obama's US stimulus
package (American Recovery and Reinvestment Act 2009). This provides for
companies to receive these ITCs not in the form of tax relief, but rather
as a direct grant for financing by the government.
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.
01.06.2010 14:45 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 01.06.2010 - 14:45 Uhr
Sprache: Deutsch
News-ID 21774
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 284 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Solar Millennium AG: John Clapp appointed new CFO of Solar Trust of America"
steht unter der journalistisch-redaktionellen Verantwortung von
Solar Millennium AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
