S.A.G. Solarstrom AG / Miscellaneous
24.06.2010 14:06
Dissemination of a Corporate News, transmitted by
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S.A.G. Solarstrom AG concludes long-term financing for photovoltaic project
in Stribro
- Financing of around EUR50 million by the Bayerische Landesbank and the
Landesbank Baden-Württemberg
- Repayment of bridging loan in the amount of EUR30.4 million
- Sales negotiations nearly completed
Freiburg, June 24, 2010. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008), Freiburg, has
concluded long-term financing of the photovoltaic project in Stribro(Czech
Republic) with the Bayern LB and the LBBW via their project company Solar
Stribro s.r.o.. The long-term financing of the loan will be paid in Czech
crowns in the amount of around EUR50 million. With the long-term financing,
which will be paid out on June 30, 2010, Solar Stribro s.r.o. will repay
the briding loan in the amount of EUR30.4 million. The sales negotiations
for the project, with a total investment volume of over EUR60 million, are
nearly completed.
The 13.6 MWp photovoltaic installation at a former military base in Stribro
in the district of Pilsen is the largest completed ground-mounted
photovoltaic project in the Czech Republic to date. Bayern LB and the LBBW
are financing this major project in equal shares with 642.4 million Czech
crowns each (around EUR25 million).
As the loan will be paid in Czech crowns, any currency risks for the
project company in this financing transaction can be ruled out. The
long-term loan will repay the bridging loan totalling 790 million Czech
crowns (around EUR30.4 million) and granted in three portions.
S.A.G. Solarstrom AG expect the sales negotiations of the profitable
project to be completed soon. 'The bridging loan, arranged by youmex AG,
Frankfurt, and the long-term financing that has now been concluded by
S.A.G. have now provided us with the time leeway we need to sell this
valuable project at an appropriate price, without finding ourselves under
pressure to sell', says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG.
The company will use the liquid funds that will be freed up through the
sale to prefinance new major projects planned for 2010.
'The conclusion of a financing transaction of this magnitude very clearly
underscores the trust of the banks in the high quality of the project and
in the reliability of S.A.G. Solarstrom AG. We have thus demonstrated that
we are capable of obtaining outside capital, even in the face of difficult
market conditions', continues Dr. Karl Kuhlmann. 'We will use the funds
that will be freed up after the project has been sold for the preliminary
financing of other major projects in Germany and Italy, in order to
implement our growth in 2010 as planned.'
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Information and Explaination of the Issuer to this News:
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 160 specialists work at the four locations in Germany and
subsidiaries in Italy, Spain, Austria, and Switzerland.
S.A.G. Solarstrom AG are listed on the open market, Entry 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
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DGAP-News: S.A.G. Solarstrom AG: S.A.G. Solarstrom AG concludes long-term financing for photovoltaic project in Stribro
| Source: EQS Group AG