DGAP-News: S.A.G. Solarstrom AG receives interim project financing of EUR80 million
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): Agreement
S.A.G. Solarstrom AG receives interim project financing of EUR80
million
01.07.2011 / 12:05
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S.A.G. Solarstrom AG receives interim project financing of EUR80 million
Freiburg, July 1, 2011. S.A.G. Solarstrom AG, (German security
identification number: 702 100, ISIN: DE0007021008), Freiburg i.Br., has
received confirmation of interim project financing in the amount of EUR80
million from the Deutsche Bank Group for the 48 MWp photovoltaic project in
North Italy. At the same time, the corporate group has taken advantage of
the favorable market conditions and secured further module capacities with
a total power of 36 MWp from Trina Germany, a part of the Trina Solar
Group. Both the interim financing from the Deutsche Bank as well as a
significant part of the additional module capacities are intended for
S.A.G. Solarstrom AG's 48 MWp project in North Italy, which is scheduled to
be completed and connected to grid by the end of August.
'Up to now, we have funded the majority of our advanced financing costs
from our cash flow', explains Dr. Karl Kuhlmann. 'And in a project of this
size, these costs are not inconsiderable. The confirmation for interim
project financing will now make it easier to complete the project quickly
by the end of August'.
Major projects such as this 48 MWp project are usually implemented by
S.A.G. Solarstrom AG through project companies. The project company holds
all rights and approvals and normally receives - as in this case -
project-specific financing. In the event of a sale, the project company,
together with all the rights and obligations, as well as any open
financing, is passed to the new owner. Projects that are completely
financed usually achieve a considerably higher market price.
Favorable purchasing conditions
In addition, S.A.G. Solarstrom AG took advantage of the current favorable
purchasing conditions and agreed upon further module deliveries from Trina.
'As a manufacturer-independent provider, we are benefiting from the current
price pressure on the component market', explains Dr. Karl Kuhlmann. 'We
never buy on the spot market, but only from suppliers that we have
evaluated in advance and who can offer a correspondingly high product
quality. As a result of our close relationships with our suppliers, we
always receive components at fair market prices without having to build up
large warehouse stocks with the risk of impairment. Particularly for
projects of this volume, we can currently purchase high-quality components
on the market at a price that is beneficial to our own overall
profitability'.
Continuing on its growth course
In Q1 of 2011, S.A.G. Solarstrom AG was already able to present an
outstanding quarterly result, thus proving the strong, profitable growth of
the Group in contrast to the general market trend. In a positive operative
cash flow, sales more than doubled, in comparison with the previous year's
quarter, to EUR78.9 million, and EBIT more than tripled to EUR5.1 million.
The balance at the end of 2010 was still impacted by certain reporting date
effects - for example, the purchase price payment for photovoltaic systems
from two project companies was only made in Q1 of 2011, due to the high
level of bureaucracy in Italy. As for the 48 MWp project, for which
considerablepreliminary work accrued in Q4 of 2011, no sales or revenue
could be realized at the time when the balance sheet was drawn up, as a
sale was not definite enough due to the uncertain legal situation regarding
the feed-in tariff in Italy. In addition, the Group had also further
invested in its own power plant portfolio, which currently covers 25.1 MWp.
These effects significantly impacted the balance at the end of the year,
despite a positive EBIT in the amount of EUR13.1 million. Without the two
temporary effects mentioned above, the equity ratio on the balance sheet
key date would have been a solid 33.7%.
S.A.G. Solarstrom AG wants to further increase its own power plant
portfolio and make further investments this year, in order to hand over the
majority share of this attractive green electricity portfolio to a
strategic partner in the medium term, while continuing to expand the
portfolio together with this partner, on a basis that will not impact
S.A.G. Solarstrom AG's balance sheet.
For 2011, management is forecasting sales of between EUR260 and EUR280
million and an EBIT of between EUR16 and EUR18 million.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent
provider of high-quality photovoltaic plants configured to customers'
individual needs. The Group constructs efficient plants of all sizes both
in Germany and abroad. S.A.G. Solarstrom AG also produces solar energy at
its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of
photovoltaic plants, including forecast and energy services, yield reports,
and remote service and maintenance, as well as insurance and financing. The
Group thus offers a comprehensive value chain in photovoltaics, from yield
reports, planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
Founded in 1998, S.A.G. Solarstrom AG is considered a pioneer in the solar
industry. Around 210 specialists work at the four locations in Germany and
the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the rules and standards M:access of the
Munich Stock Exchange.
Further information: www.solarstromag.com
Contact:
S.A.G. Solarstrom AG
Sasbacher Straße 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr(at)solarstromag.com / ir(at)solarstromag.com
End of Corporate News
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Deutschland
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail(at)solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008
WKN: 702100
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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130583 01.07.2011
Datum: 01.07.2011 - 12:05 Uhr
Sprache: Deutsch
News-ID 34520
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