DGAP-News: Solar Millennium AG: Palen Solar Power Project achieves License from California Energy Commission
(firmenpresse) - DGAP-News: Solar Millennium AG / Key word(s): Miscellaneous
Solar Millennium AG: Palen Solar Power Project achieves License from
California Energy Commission
16.12.2010 / 09:47
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- Important milestone for the Solar Millennium Group's second power plant
location in California
- Initial construction work has already started at the world's largest
solar energy location in Blythe
- Executive Board: 'Excellent starting position for the US market'
Erlangen, Oakland, 16 December 2010 On Wednesday, the California Energy
Commission (CEC) approved the construction and operation of two
solar-thermal power plants with a planned total capacity of some 500
megawatts (MW) at the Palen location in California. As such, the second
project location developed by the US project development unit of the
Solar Millennium Group (ISIN DE0007218406) has been granted this approval.
The entire approval procedure is expected to be completed with the decision
by the US Bureau of Land Management (BLM) at the beginning of 2011.
Together with the solar location at Blythe, the locations of the Solar
Millennium Group that have been granted approval would thus total a
capacity of some 1,500 MW in California alone.
Solar Millennium is thus making a material contribution towards the energy
transformation process in the US. At the same time, the construction of the
power plants will provide a significant economical impulse for the
southwest of the country. The initial construction works for the planned
power plants have already started at the Blythe location. With a total
capacity of 1,000 MW, the world's largest solar power plants would
being built here. For the first time, these will approach the dimensions of
nuclear energy plants or major coal-fired power plants.
Oliver Blamberger, CFO of Solar Millennium AG: 'The partial approval by the
California Energy Commission for the Palen location is another important
milestone in our US business. On the whole, we have established an
excellent starting position in the currently most important market for
solar-thermal power plants.'
Solar Millennium LLC, the project development unit in charge of the US
within the Solar Millennium Group, is a wholly-owned subsidiary of Solar
Trust of America LLC, the US American joint venture of Solar Millennium (70
percent) and Ferrostaal Inc. (30 percent). Uwe T. Schmidt, CEO of Solar
Trust of America, emphasizes the general significance of the solar energy
sector for the US economy: 'With roughly 800 permanent jobs in the
operation and several thousands in the construction of our solar-thermal
power plants in California and Nevada, new sustainable jobs are being
created throughout the American southwest.'
Like the sister projects in Blythe, the plants planned at the Palen
location will set new standards for solar-thermal power plants with respect
to sustainability and environmental friendliness. Both project locations
will feature dry rather than water cooling, thus reducing the consumption
of water considerably.
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 Inc. (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.
End of Corporate News
16.12.2010 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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Media archive at www.dgap-medientreff.de and www.dgap.de
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106660 16.12.2010
Datum: 16.12.2010 - 09:47 Uhr
Sprache: Deutsch
News-ID 32877
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"DGAP-News: Solar Millennium AG: Palen Solar Power Project achieves License from California Energy Commission"
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