DGAP-News: Solar Millennium AG: Further progress on permitting process for US power plant projects Amargosa and Palen
(firmenpresse) - Solar Millennium AG / Key word(s): Miscellaneous
16.11.2010 08:27
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- Bureau of Land Management permit procedure for the two 250 MW power
plants at Amargosa Valley Road Solar Project completed as scheduled
- Strong basis for concluding power purchase agreements with utilities in
Nevada
- Permitting process for the Palen location also progressing - California
Energy Commission recommends granting construction permit
Erlangen, Oakland, Washington, 16 November 2010 By signing the Record of
Decision, US Secretary of the Interior Ken Salazar approved the right of
way grant for the Solar Millennium Group's solar power plant facility in
Nevada's Amargosa Valley on Monday. This approval marks an important
pre-condition for the successful completion of the permitting process for
the construction of two parabolic trough power plants as scheduled.
Together, the two power plants will have a total capacity of approximately
500 megawatts (MW). Part of the electricity generated there will be
supplied to Las Vegas, which is some 150 kilometers away. The planned
thermal storage facilities will enable the two plants to supply the region
with electricity even after the sun has set.
Based on the approval by the US Secretary of the Interior, the US Bureau of
Land Management (BLM) has granted Solar Millennium LLC, Oakland, the
American project development unit within the Solar Millennium Group, the
right of way for public land at the Amargosa location. Due to the proximity
to the Amargosa River, Solar Millennium must additionally seek approval
with regards to the Water Clean Act from other U.S. authorities to
obtain the final construction approval.
In announcing the Record of Decision, U.S. Secretary of the Interior Ken
Salazar said, 'This solar facility is yet another critical component in the
Department's growing renewable energy portfolio as we work to create
strengthen our nation's energy security. Our commitment to the development
of clean, renewable energy is creating new jobs that will aid in our
economic recovery, protect our environment and transform the way our nation
gets our energy.'
In California another project location has taken an important hurdle in the
approval process, as well. Last Friday, the responsible committee of the
California Energy Commission (CEC) had recommended granting Solar
Millennium LLC approval for the construction and operation of two
solar-thermal power plants with a total capacity of about 500 MW at the
Palen location in California. In its recommendation the committee had
established that the planned power plants complied with the applicable
laws, regulations and requirements, as was also the case with the Blythe
project. The CEC will probably make its final decision on the construction
permit after the expiry of a public comment period in mid-December.
Oliver Blamberger, CFO of Solar Millennium AG, said the company is pleased
with the progress: 'The two locations in Blythe and the Amargosa valley
alone suffice to fill our order books for the years to come and make Solar
Millennium the leading supplier of parabolic trough power plants.'
Regarding the financing of the two power plants in Nevada, Blamberger
added, 'In line with the financing structure of Blythe 1 and 2, an equity
ratio of 20 to 30 percent is also planned for the Amargosa power plants. As
with Blythe, we have already applied for the respective loan guarantees
with the US Department of Energy in order to secure the debt capital.'
Uwe T. Schmidt, Chairman and CEO of Solar Trust of America, illustrates the
significance of the solar power plants for the
economy in Nevada. 'The construction of these two plants is not only
another important milestone on the path towards sustainably converting our
U.S. energy supply, but it also makes a very important contribution to
reviving the local economy in Nevada. Solar Millennium expects to create
more than 1,300 jobs at the Amargosa Valley location during construction,
while the two power plants will provide more than 180 permanent operations
and maintenance jobs once completed.
With a generating capacity of approximately 500 MW and thermal storage
volume for 4.5 hours per plant, the two power plants will produce enough
energy to power up 150,000 America homes on a reliable basis. In 2009, the
company had already signed memorandum of understanding on a potential power
purchase agreement with the utility Nevada Energy.
Josef Eichhammer, President of Solar Trust of America and CEO of Solar
Millennium LLC remarks: 'US politicians have it high on their agenda
that California and Nevada take a leading position in utilizing the
abundant solar resource for electricity generation and building up a solar
industry and therefore we are very happy today to make a contribution with
our planned
innovative power plants to realize such objectives. Our decision to plan a
power plant with dry cooling also helps to accelerate the approval process,
as we need 90% less water to cool the steam cycle. We will now intensify
our negotiations with utilities regarding the power purchase agreements as
well as our engagement with the permitting authorities for the two plants,
so we will be able to commence construction for both projects by the end of
2011.'
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 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 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.
16.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Datum: 16.11.2010 - 08:27 Uhr
Sprache: Deutsch
News-ID 32633
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