DGAP-News: S.A.G. Solarstrom AG / Key word(s): Disposal
S.A.G. Solarstrom AG successfully closes sale of Italian 48 MWp
project to BNP Clean Energy Partners
02.04.2012 / 13:05
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S.A.G. Solarstrom AG successfully closes sale of Italian 48 MWp project to
BNP Clean Energy Partners
- Photovoltaic power plant with very high performance and availability
- The Group's technical expertise will be developed
- Inflow of liquidity strengthens S.A.G. Solarstrom AG's market position
Freiburg, April 2, 2012. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) has successfully
concluded the sale of the North Italian 48 MWp photovoltaic project
Serenissima. The project company was sold to a subsidiary of BNP Paribas
Clean Energy Partners pursuant to a sales agreement signed on December 31,
2011 and on March 30, 2012 the three-digit million Euro purchase price was
paid and the company shares transferred. The largest project in the
company's history to date impressively documents the performance of the
S.A.G. Solarstrom Group with turnkey photovoltaic projects. With the
construction of the high-performance and high-availability power plant, the
S.A.G. Solarstrom Group has further expanded its technical expertise. After
settlement of payables and repayment of the project bridging loan in the
amount of approximately EUR80 million, S.A.G. Solarstrom AG received liquid
funds of over EUR50 million on March 30, 2012. The inflow of liquidity
strengthens the market position of the Group, which wants to continue to
increase the MWp sales volume in 2012 by constructing own projects and
through Partner Sales.
'We concluded this project successfully under difficult market conditions',
explains Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. 'Due to the
introduction of the Conto Energia IV in spring of 2011, we were forced to
reduce the construction time by several months, in order to be able to
present attractive profitability for investors. With connection to grid at
the end of August 2011, we were successful in this. However, a project of
this size needs to be sold and funded. Here too, we have acted successfully
in the middle of the largest European economic and financial crisis. We
were thus able to prepare a highly appealing total package for investors',
continues Kuhlmann.
'Serenissima is an outstanding photovoltaic project with high levels of
performance and profitability, which was carefully conceived as a complete
solution for investors. This project is therefore a good fit for our
investment strategy', explains Scott Lawrence, Investment Director of BNP
Paribas Clean Energy Partners.
Successful sale in difficult market environment
The economic and financial crisis in Europe has considerably restricted the
buyer target group for photovoltaic projects in the megawatt range. Only
larger, international and institutional investors can be considered for
large-scale projects of this kind. Nonetheless, the S.A.G. Solarstrom Group
still succeeded in completing a sale within just a few months.
'My colleague on the Executive Board, Oliver Günther, and his sales team
held meetings with a number of interested parties, declined offers and
renegotiated them. Finally, we found the most suitable investor for
Serenissima in BNP Paribas Clean Energy Partners. An excellent sales
division is distinguished by its ability to resist pressure from the market
environment and delays that might occur', says Kuhlmann.
Long-term project funding by bank syndicate
The Deutsche Bank Group provided a project bridging loan of approximately
EUR80 million in June 2011. At the start of March 2012, S.A.G. Solarstrom
AG then concluded long-term project financing for the solar park through
its project company Enersol s.r.l., Rovigo with a bank syndicate consisting
of the Deutsche Bank AG, the Bayerische Landesbank, the Landesbank
Hessen-Thüringen Girozentrale and the KfW IPEX-Bank. The loan agreement of
EUR118 million at current market conditions has a period of validity of 17
years. The S.A.G. Solarstrom AG made a loan of a further EUR9.8 million
available to the project company, of which EUR6 million has a validity
period of five years and the rest a validity period up to the end of 2012
maximum.
'My colleague on the Executive Board, Christoph Koch and his team have been
instrumental in organizing this funding. In view of the financing
environment, this is a major success. For companies in the solar industry,
the ability to provide financing is the key to economic success, precisely
at the present time', says Kuhlmann.
'My colleague on the Executive Board, Karin Schopf and her team must have
calculated dozens of investment scenarios to this end over the last few
months, which have been continuously altered due to regulatory changes - in
addition to closely monitored project and Group Controlling tasks. This too
was a very demanding task, which was managed admirably. The project is
altogether an example of outstanding cooperation between Sales, Technology
and Finances. The entire S.A.G. team made this success possible. There is
not a single employee who was not involved in the project at some point
over the last few months and who made a contribution', declares CEO
Kuhlmann.
Technically challenging complete solution
The S.A.G. Solarstrom Group installed the photovoltaic system in Canaro
near Rovigo in the region of Venice and connected it to grid in August
2011. Over a surface area of around 120 hectares, approximately 210,000
polycrystalline modules, 44 megawatt converter stations and more than 2,700
tons of steel were constructed. The system produces around 65,000 MWh per
year and can thus supply 14,700 four-person households. At the same time,
the solar park saves 44,000 t of CO2 annually. To feed the electricity
directly into the high-voltage network, the S.A.G. Solarstrom Group
constructed a separate, upgradable transformer substation, which is capable
of load management and one of the most modern in Italy. The transformer
substation was sold as planned in 2011 to the Italian network operator
Terna S.P.A..
The system is equipped with a sophisticated monitoring and security system.
meteocontrol GmbH monitors the performance of the solar park online around
the clock. 60 infrared cameras and 11 additional monitoring cameras monitor
the 6 km long safety fence and, like the surveillance performed by trained
security staff, are part of the round the clock security concept.
Strengthening the market position
After the settlement of payables and repayment of the project bridging loan
of around EUR80 million granted by the Deutsche Bank Group, S.A.G.
Solarstrom AG will today receive liquid funds of over EUR50 million. S.A.G.
Solarstrom AG will thus once again be able to eliminate the temporary
balance sheet effects caused by the large-scale project at December 31,
2011 in the balance sheet at March 31, 2012. The balance sheet total will
be almost halved from December 31, 2011 to March 31, 2012 and the equity
ratio will once again rise to over 30%. 'With these secure cash funds, we
will be able to successfully manage a foreseeably difficult year in 2012.
Our four pillar business model paid off. We have achieved a strong position
in the market and are convinced that we will be able to successfully cope
in this, for the solar industry difficult transition phase, from a market
supported by subsidies to a competitive market', says Kuhlmann in
conclusion.
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 240 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 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
Germany
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 (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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163555 02.04.2012
DGAP-News: S.A.G. Solarstrom AG successfully closes sale of Italian 48 MWp project to BNP Clean Energy Partners
| Source: EQS Group AG