PowerLight Corporation, K&S Consulting, and Deutsche Structured Finance Create International Initiative to Build 10 Megawatt Solarpark in Bavaria, Germany
CALIFORNIA, August 18, 2004 — PowerLight Corporation, K&S Consulting Group, and Deutsche Structured Finance (DSF) today announced an initiative to build the world's largest solar photovoltaic (PV) project in Bavaria, Germany. The 10 megawatts (MW) Bavaria Solarpark uses innovative solar tracking technology to generate clean, renewable electricity. Construction is one third complete, with energy production beginning in October and full system operation by December 2004.
The Bavaria Solarpark uses 57,600 photovoltaic panels, and consists of three systems: Solarpark Muehlhausen 6.3 MW, Solarpark Guenching 1.9 MW, and Solarpark Minihof 1.9 MW. Together with Siemens AG, interconnection to the electrical grid is underway at each site by the regional German utility E.ON, with a 20-year power purchase guaranteed under the German Renewable Energy Law (EEG). The project has created hundreds of high quality jobs and its sustainable design and construction preserves the natural beauty and environmental quality of the region.
"Solar electricity is a highly reliable source of power," said DSF Managing Director Paul Steinhardt. "Bavaria's commitment to providing clean air for the community, protecting the environment, and securing our energy future has been a decisive factor for the development of this historic project."
"Over the next 30 years, the Bavaria Solarpark will generate hundreds of millions of kilowatt hours of emissions-free energy," noted Tom Dinwoodie, CEO of PowerLight Corporation. "PowerLight looks forward to developing more partnerships across Europe to meet the increasing demand for solar power."
"We're pleased to have played a key role in bringing this renewable energy project to Bavaria. The Solarpark is not only vital for our region, but exemplifies how solar PV can generate reliable electricity around the globe,' said Jochen Kleimaier, Managing Director of K & S Consulting.
Critical to project viability is the German Renewable Energy Law, landmark legislation that promotes the most advanced renewable energy policies in the world. This legislation, newly expanded to include ground-mounted systems such as the Bavaria Solarpark, is expected to drive further growth of the German PV market.
"The world's largest photovoltaic project further validates Germany's renewable energy policy," said Howard Wenger, PowerLight's Executive Vice President. "The Bavaria Solarpark also reinforces PowerLight's position in the growing global solar energy market, setting the stage for our company's next phase of growth."
For the Bavaria Solarpark project, PowerLight Corporation is the turnkey system provider, delivering system engineering and design, high efficiency PV modules, and its patented PowerTracker® technology that yields more power than conventional fixed solar electric systems by tracking the sun throughout the day.
"PowerLight manufactures the PowerTracker system to the highest standards of quality and performance," noted PowerLight President Dan Shugar. "We believe the enhanced production through using this cost-effective technology makes it ideal for large-scale solar energy projects. We're pleased to provide this system to the Bavaria Solarpark, adding to PowerTracker's long history of reliable operation in North America. We look forward to further deployment of this technology in Europe."
Siemens AG is providing all electrical construction and components, including transformers, switchgears and inverters. Leading German civil engineering firms, Max Bögl Group and Klebl are responsible for the civil and mechanical project construction. DSF structured and arranged the project based financing; K&S Consulting secured the land rights and permits.
PowerLight (www.powerlight.com) is the leading manufacturer and supplier of large-scale solar electric systems and energy efficiency services. Founded in 1991, PowerLight delivers reliable, affordable, clean power solutions for business and government customers worldwide. Inc. Magazine ranked PowerLight Corporation among the top 500 fastest growing privately held companies for the past four years. PowerLight has built and continues to operate many of the largest solar electric systems in North America and Europe.
About Deutsche Structured Finance
Deutsche Structured Finance (www.dsf-fra.de ) specializes in structured finance and entrepreneurial investment in assets in selected growth industries. Its activities cover structuring and arranging financial solutions, which are often tax-efficient, for capital goods and projects as well as creative entrepreneurial investments in inflation-proof assets. DSF concentrates on renewable energies projects, aircraft, and real estate projects.
About K&S Consulting
K&S (www.kus-consulting.de) is a renewable energy project developer located in Regensburg, Germany, in the heart of Bavaria. K&S is responsible for arranging the project rights on over 19 MWp of solar electric projects successfully constructed within Bavaria over the past four years. Prior to developing solar expertise, K&S was a developer of wind power projects. K&S brings unique capabilities in coordinating local zoning, permitting, utility and government relations.
About Siemens AG
Siemens (www.siemens.com) is a global powerhouse in electrical engineering and electronics. The company has 417,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive expertise to benefit customers in 190 countries.
About Max Bögl Group
The Max Bögl group of companies (www.max-boegl.de) , headquartered in Neumarkt, Germany, has a successful company history spanning 75 years. Max Bögl Company offers a broad range of services for complex construction projects from planning and financing, execution right though to operation. The group currently employs around 3,800 people and made had revenues of 750 Million Euro in 2003.
About Klebl Group
Tradition and forward-thinking best describes the philosophy of the Klebl Group (www.klebl.de) in providing building services and solutions over four generations. To ensure high standards, Klebl introduced a common quality system in accordance with DIN EN ISO 9001:2000. Klebl Group divisions include: vertical construction, engineering, prefab concrete element fabrication, and turnkey construction for industrial and commercial applications.