DGAP-News: S.A.G. Solarstrom AG / Key word(s): Miscellaneous
S.A.G. Solarstrom AG extends power plant portfolio by 1.45 MWp from
Italian projects
08.02.2011 / 13:11
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S.A.G. Solarstrom AG extends power plant portfolio by 1.45 MWp from Italian
projects
- Sale of two project companies concluded in Apulia, Italy
- S.A.G. Solarstrom retains share of 15%, power plant portfolio increases
to 20 MWp
- Influx of cash and cash equivalents in the amount of EUR41 million in Q1
Freiburg, 02/08/2011. S.A.G. Solarstrom AG (German international security
identification number: 702 100, ISIN: DE0007021008) has concluded the sale
of the two project companies Energia Rinnovabile S.r.l. (4.995 MWp) and
Energy Power S.r.l. (4.7064 MWp) in Apulia, Italy, on schedule. The
Japanese investor Sumitomo Corporation acquired 85% of the two project
companies. S.A.G. Solarstrom AG will receive cash and cash equivalents in
the amount of EUR41 million from the sale in the first quarter. Both
projects were completed at the end of 2010 and have already been recorded
in the financial statements of 2009 and 2010 with regard to construction
progress. S.A.G. Solarstrom AG is expanding their own power plant portfolio
with a minority shareholding of 15% in the projects, which corresponds to
around 1.45 MWp. This increases S.A.G. Solarstrom AG's power plant
portfolio to 20 MWp.
'Apulia has a specific solar irradiation of 1,460 kWh/kWp. Both projects
benefit from the attractive 2010 feed-in tariff, while exhibiting an
excellent overall performance. We therefore decided to retain 15% of the
two project companies', says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom
AG.
The sale of the project companies to the Sumitomo Corporation was completed
on schedule. From the purchase price of around EUR42 million, payment of
which was subject to a final expert's report and performance tests, S.A.G.
Solarstrom AG will now receive EUR41 million in cash and cash equivalents
in the first quarter of 2011. The two projects were already recorded in the
financial statements of 2009 and 2010 with regard to construction progress.
'We are pleased that the final expert's report and the tests substantiated
the quality of the projects and that we were able to successfully conclude
the sale as a result', says Kuhlmann. 'We can now use these funds to push
ahead with our major project of 48 MWp in the Venice region as planned, but
at the same time have secured a part of these very interesting projects for
our own power plant portfolio. We want to continue to expand this portfolio
over the next few years'.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100,
ISIN:DE0007021008) of Freiburg i.Br., Germany, are 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
produce solar energy at their 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 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 are considered pioneers in the solar
industry. Around 190 specialists work at the four locations in Germany and
the foreign subsidiaries.
S.A.G. Solarstrom AG are listed in the General 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 StraÃe 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr@solarstromag.com / ir@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@solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008
WKN: 702100
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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111462 08.02.2011
DGAP-News: S.A.G. Solarstrom AG extends power plant portfolio by 1.45 MWp from Italian projects
| Source: EQS Group AG