South African Department of Energy
granted preliminary approval to change
in financing structure for Soitec
44 MWp solar project
BERNIN, France, March 12, 2014 (GLOBE NEWSWIRE) -- Soitec (Euronext Paris), a world leader in generating and manufacturing revolutionary semiconductor materials for energy and electronics, today announced that the Department of Energy in South Africa has granted its preliminary approval to a refinancing scheme for Soitec's equity position in the 44 MWp solar project developed in Touwsrivier.
This preliminary approval sets the path for the finalization of the terms and conditions of the final transaction, pursuant to which the shareholding of the project company shall ultimately evolve to include an already-identified investor. Subject to final Department of Energy approval, and in light of the anticipated calendar for the finalization of such transaction, , Soitec anticipates being in a position to disclose its 2013-2014 full year sales report including actuals and /or pro-forma audited figures related to its South African solar project.
Soitec also confirms that power performance testing procedures have recently been engaged on the already installed solar capacity of the Touwsrivier plant, with a view towards fulfilling the milestones set for delivering 50% of the total capacity of the power plant. Reaching this point shall entitle Soitec to have access to the restricted cash and significantly increase its cash resources. Soitec anticipates confirming in the coming weeks successful fulfilment of the requested milestone.
Full Year sales for the financial year 2013-2014 will be published on 22 April 2014 after the closing of the Paris Stock Exchange.
Soitec is an international manufacturing company, a world leader in generating and manufacturing revolutionary semiconductor materials at the frontier of the most exciting energy and electronic challenges. Soitec's products include substrates for microelectronics (most notably SOI : Silicon-on-Insulator) and concentrating photovoltaic systems (CPV). The company's core technologies are Smart Cut(TM), Smart Stacking(TM) and Concentrix(TM), as well as expertise in epitaxy. Applications include consumer and mobile electronics, microelectronics-driven IT, telecommunications, automotive electronics, lighting products and solar power plants for large-scale utilities. Soitec has manufacturing plants and R&D centers in France, Singapore, Germany, and the United States.
For more information, visit: www.soitec.com.
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Soitec press release in PDF http://hugin.info/143589/R/1768111/600883.pdf