Non-recourse project financing for the 11.7 MW PV solar park owned by Masdar PV GmbH

Ichtershausen, 18 July 2013 – Masdar PV, which manufactures thin-film solar photovoltaic (PV) modules, has secured a 17-year loan to finance one of Thuringia's largest thin-film solar PV parks. The lending consortium led by Ostsächsische Sparkasse Dresden and the Sparkasse Gotha provided the loan.

The plant is located near Masdar PV's production premises in Ichtershausen, Germany. The solar park, which has an installed capacity of 11.7 MW, covers an area as large as 40 football pitches. The ground-mounted solar park's annual yield of 10.8 million kilowatt hours is enough to provide power for around 3,400 households. The solar park offsets about 6,400 tons of carbon dioxide emissions a year, which is the same as taking more than 2,000 medium-sized cars off the roads.

The 17-year loan was secured at very competitive rates, and serves as a benchmark for Masdar PV's microcrystalline photovoltaic technology. Alongside Ostsächsische Sparkasse Dresden and the Sparkasse Gotha, Sparkasse Jena and Sparkasse Mittelsachsen participated in the financing.

About Masdar PV GmbH
Masdar PV GmbH develops and produces innovative thin-film solar products and solutions. The company is a 100-percent subsidiary of Masdar, Abu Dhabi's renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. Masdar serves as a link between today's fossil-fuel economy and the energy economy of the future. Backed by the Mubadala Development Company, the strategic investment company of the government of Abu Dhabi, Masdar is dedicated to the Emirate's long-term vision for the future of energy.

The selection of module sizes from which customers can choose – and the products' advantageous cost-benefit ratio – ensure that the high-tech modules from Masdar PV are ideally suited for ground-mounted installations and large-area rooftop systems. Transparent and colored modules allow architects to build futuristic, façade- and roof-integrated PV installations.