DGAP-News: Solar Millennium AG: California Energy Commission approves the world's largest solar power site
(firmenpresse) - Solar Millennium AG / Key word(s): Miscellaneous
16.09.2010 08:55
---------------------------------------------------------------------------
- Another important milestone in realizing one of the largest current
infrastructure projects in the US
- Construction of the first two of four plants overall scheduled to begin
at year-end upon receipt of the final construction permit and
conclusion of financing
- With a power plant capacity of 1,000 megawatts, solar power is
approaching the capacity of nuclear power plants
- Governor Schwarzenegger Applauds Approval of World's Largest Solar
Power Project
Erlangen, Oakland, 16 September 2010 The California Energy Commission
approved the construction and operation of four solar-thermal power plants
with a planned overall capacity of around 1,000 megawatts (MW) at the
Blythe location in California on Wednesday. The project site was developed
by Solar Millennium LLC, Oakland, the US project development company within
the Solar Millennium Group (ISIN DE0007218406). The total capacity of the
planned solar power plants at this location is thus approximately equal to
the turbine output of a nuclear power plant or a big modern coal fired
power plant. Solar Millennium intends to begin the initial construction on
two of four plants overall in 2010. The conclusion of the approval process
is expected to come in October with the decision by the US Bureau of Land
Management (BLM).
Thomas Mayer, Spokesman of the Executive Board of Solar Millennium AG:
'Once the first two plants are connected to the grid in 2013 and 2014, we
will have implemented the Desertec idea in California: With solar power
plants in the California desert, we will be able to supply Los Angeles and
other metropolitan cities on the American west coast with environmentally
friendly electricity.' The financing for the first two solar power plants
is also scheduled to come to a close in autumn, which will include loan
guarantees and grants by the US government. The investment volumes of more
than one billion USD per plant make this one of the largest infrastructure
projects in the US at the moment,' Mayer further explains.
Governor Arnold Schwarzenegger: 'I applaud the California Energy
Commission's decision to approve the construction of the Blythe Solar Power
Project - the world's largest - and am excited to see other solar projects
move forward. Projects like this need our immediate attention, as solar and
renewable power are the future of the California economy.'
The four power plants together would supply an annual electricity volume of
approximately 2,200 gigawatt hours and thereby save roughly two million
tons of carbon dioxide each year. The power purchase agreements between
Solar Millennium LLC, Oakland, and the American energy provider Southern
California Edison (SCE) for the first two 242 MW solar power plants
initially scheduled to be built were approved by the California Public
Utilities Commission (CPUC) in July. The contract regulates the purchase of
electricity produced by the power plants via SCE for 20 years after the
start of operations.
Solar Millennium LLC is a wholly-owned subsidiary of Solar Trust of America
LLC, the US-American joint venture of Solar Millennium (70 percent) and
Ferrostaal (30 percent). Uwe T. Schmidt, CEO of Solar Trust of America,
explains the significance of the solar power plants in reshaping energy
supply: 'The power plants planned in Blythe will be an important part of
reaching California's goals regarding the use of renewable energy sources.'
California has legally stipulated in the Renewable Portfolio Standards that
regional energy providers must increase the share of renewable energy
sources in their power supply to 20 percent by the end of this year. By the
year 2020 even every third kilowatt hour could come from renewable energy
sources.
Josef Eichhammer, President of Solar Trust of America and CEO of Solar
Millennium LLC, adds: 'The Blythe Solar Power Project (Blythe Project) will
be 1,000 megawatts of clean, zero emission, renewable energy capacity.
Because we are cooling the steam cycle of the turbines with air instead of
water, we require 90 percent less water. It is located 8 miles west of
the city of Blythe, in Riverside County, California. Once fully
constructed and operational, the Blythe Project will be the largest solar
project in the world. At the same time, we are reviving the local economy
by creating 2,500 jobs during the construction phase.'
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 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 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.
16.09.2010 08:55 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Datum: 16.09.2010 - 08:55 Uhr
Sprache: Deutsch
News-ID 32198
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 203 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Solar Millennium AG: California Energy Commission approves the world's largest solar power site"
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).
