DGAP-News: Solar Millennium AG: California Public Utilities Commission Approves Power Purchase Agreement for two 242 MW Power Plants
(firmenpresse) - Solar Millennium AG / Miscellaneous
15.07.2010 16:44
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San Francisco/Erlangen, 15 July 2010 Solar Millennium AG (ISIN
DE0007218406) has hit another milestone on the road to realizing its first
parabolic trough power plants in the American southwest. The California
Public Utilities Commission (CPUC) has approved a power purchase agreement
between Solar Millennium's American project development unit Solar
Millennium LLC, Berkeley, and the US energy provider Southern California
Edison (SCE) for two 242-megawatt (MW) solar power plants planned in
California. The agreement regulates SCE's purchase of electricity produced
by the facilities for 20 years from the start of operations. The start of
construction for at least one power plant is scheduled for the end of 2010,
with initial operations planned for 2013 and 2014, respectively.
The power purchase agreement (PPA) was approved by the CPUC at the end of
last week. Both power plants are scheduled to be built at the planned
Blythe project location. A total of up to four 242-megawatt power plants
can be realized there, which together would supply electricity of ca. 2,200
gigawatt hours annually and would save roughly 900,000 tons of carbon
dioxide every year.
At the same time, Blythe is one of four power plant locations of Solar
Trust of America LLC, a US-American joint venture of Solar Millennium AG
and Ferrostaal AG, which has been put on the fast-track list. The
responsible authorities give priority to the approval process of projects
on this list. The facilities planned in Blythe are important for
reaching California's goals regarding the use of renewable energy and, at
the same time, reviving its economy. The state's Renewables Portfolio
Standard (RPS) program requires regional energy service providers to lift
the share of renewable energy in their electricity supply to 20 percent by
2010 and up to 33 percent by 2020.
Josef Eichhammer, President of Solar Trust of America and CEO of Solar
Millennium LLC: 'We have reached another important milestone on the path
towards realizing our first US power plant with the approval of the power
purchase agreement by the CPUC. We also believe we will obtain the permit
for construction of at least one power plant in Blythe in autumn and
finalize the financing. The site is located near to Los Angeles. This area
receives more than 2,700 kilowatt hours per square meter of direct normal
irradiation every year, a figure more than 30 percent higher than in
southern Spain.'
Eichhammer added: 'We are very satisfied with the progress thus far in
developing our project locations. We have only asked the authorities to
interrupt the approval process for our smallest project site in California,
Ridgecrest, where one 242-megawatt facility is planned. We still want to
carry out an additional study to examine all of the project's ecological
effects as well as additional compensation measures. We are also holding on
to this location with its excellent solar radiation values, but we want to
keep the impact on the local ecosystems as low as possible and maximize the
benefit for the environment.'
AboutSolar Millennium AG:
Solar Millennium AG, Erlangen, (ISIN DE0007218406) 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 can be
found at www.SolarMillennium.de
About Solar Trust of America and Solar Millennium LLC:
Solar Trust of America (STA) is a joint venture of the Solar Millennium
Group (70%) and the Ferrostaal Group (30%) and covers important business
fields in the 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. Solar Millennium LLC is a wholly-owned subsidiary of Solar Trust of
America.
About Southern California Edison:
Southern California Edison (SCE) is a company of Edison International
(NYSE: EIX). As one of the largest utilities in the US, SCE provides
roughly 11 million Californians with electricity.
About the 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.
15.07.2010 16:44 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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