DGAP-News: Solar Millennium AG: Secretary of the Interior Salazar and California's Governor Brown broke ground for the world's largest solar power plant project in Blythe
(firmenpresse) - DGAP-News: Solar Millennium AG / Key word(s): Miscellaneous
Solar Millennium AG: Secretary of the Interior Salazar and
California's Governor Brown broke ground for the world's largest solar
power plant project in Blythe
18.06.2011 / 07:37
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Erlangen, Blythe 18 June 2011 At a festive celebration on Friday, US
Secretary of the Interior, Ken Salazar, California's Governor Jerry Brown
and Joseph DeConinck, the mayor of Blythe, broke ground on the Blythe solar
power plant facility together with representatives of Solar Millennium
(ISIN DE0007218406)and
Solar Trust of America. Early construction works for the first two power
plants with a net capacity of 242 megawatts (MW) each, commenced at the end
of 2010. Solar Trust of America, the American company unit within the Solar
Millennium Group, plans to build up to four solar-thermal power plants with
an overall capacity of about 1,000 MW at this location. The four power
plants combined are to supply enough electricity for more than 300,000
American households and thus save some two million tons of carbon dioxide
emissions per year. The fact that the Californian Mojave desert is among
the world's best solar energy locations was proven during the ceremony,
which featured an outdoor temperature of 113 F (45 C).
'Breaking ground on what will be the world's largest solar power project is
a major milestone in our nation's renewable energy economy and shows that
the United States intends to compete and lead in the technologies of the
future,' said Secretary of the Interior Ken Salazar. 'This project shows in
a real way how harnessing our own renewable resources can create good jobs
here at home and contribute to our nation's energy security.'
Dr. Christoph Wolff, CEO of Solar Millennium AG, adds, 'Blythe marks not
only a milestone for Solar Millennium, but also for the successful history
of solar energy in general. For the first time, we are utilizing solar
energy with capacities equaling those of nuclear power or major coal-fired
power plants. I am pleased that we are able to make our contribution to
reaching California's ambitious climate targets as well as supporting the
local economy. I would like to thank all those persons, who contributed to
this achievement through their unceasing commitment and trust'. The overall
investment sum for the first two solar-thermal power plants projected in
Blythe amounts to roughly USD 2.8 billion.
Only a few weeks ago, US Secretary of Energy, Dr. Steven Chu, had offered
the project company the conditional commitment for a USD 2.1 billion loan
guarantee. The loan guarantees are the precondition for financing some 75%
of construction costs of the first two 242 MW power plants with borrowed
capital. The conditional commitment defines the covenants to be met by the
applicant in order to receive the loan guarantees granted by the US
Department of Energy (DOE). The Executive Board of Solar Millennium assumes
that the Company will manage to meet all of these conditions, particularly
the financial close for both power plants, by late summer this year.
Solar Trust of America expects to create some 1,000 direct jobs during the
construction phase and several thousand indirect jobs through supplier
relations. The two power plants are tobe connected to the grid by 2014.
The final building permit for all of the four power plants projected at the
Blythe location had already been granted in autumn 2010.
The electricity generated in Blythe 1 and 2 will be purchased by the US
utility Southern California Edison (SCE). As such, SCE meets the
requirements by the state of California to increase the share of renewable
energies in total power production. Since the beginning of the year, the
Renewable Portfolio Standards (RPS) force the Californian utilities to
cover 33% of power generation with renewable energies by 2020.
About Solar 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, the
Middle East and North Africa.
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 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
E-Mail: 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
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18.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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129060 18.06.2011
Datum: 18.06.2011 - 07:37 Uhr
Sprache: Deutsch
News-ID 34418
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