SolarTec AG Expands PV Power Plant Business and Activities in Asia; Prepares for IPO

Munich, November 09, 2007 - Solar*Tec AG has successfully completed its first two PV power plants totalling 5.2 MWp in Germany. Further four power plant projects totalling 8.5 MWp are currently under construction and are to be completed before year end. Due to this new line of business, which Solar*Tec only started in the summer of this year, the company expects 2007 revenues in excess of 40m € with an EBIT of up to 7m €.

Solar*Tec AG has successfully completed its first two PV power plants totalling 5.2 MWp in Germany. Further four power plant projects totalling 8.5 MWp are currently under construction and are to be completed before year end. Due to this new line of business, which Solar*Tec only started in the summer of this year, the company expects 2007 revenues in excess of 40 m € with an EBIT of up to 7m €.

For 2008 the company plans to expand its PV power plant business into Spain and is currently preparing projects totalling 30 MWp. In addition large projects in Germany with up to 50 MWp are under development. All projects are to be completed with Solar*Tec’s own brand of high quality modules. By the end of 2008 Solar*Tec’s own proprietary concentration PV (CPV) technology will be introduced in the market as an alternative power plant technology in the sunbelt regions on earth.

In addition to the power plant business Solar*Tec plans to expand its activities in Asia and has currently three investment projects under consideration, which are to be executed by three different subsidiaries of Solar*Tec AG. SolarGlass Asia will invest into a float line for ultra-white glass purely dedicated to solar applications.

Precision Coating Asia will build up a TCO coating line. The third subsidiary will invest into OEM module manufacturing. The total investment will exceed 80m €. Out of a list of over 20 possible locations a shortlist of three sites for the investments remain for detailed investigation.
To finance this rapid growth Solar*Tec is preparing for an IPO in 2008. Negotiations with leading banks are expected to be closed before the end of November.
“We have built up a very strong power plant technology within a very short period of time”, said Dr. Erich W. Merkle, Chief Executive Officer of Solar*Tec AG. “The successful completion of the first projects has laid the cornerstone for our rapid growth strategy in Europe. Our investments in upstream thin film activities as well as crystalline silicon module manufacturing in Asia show our strategic positioning within the solar supply chain. This way Solar*Tec AG will capitalise on the future growth of the solar industry by engineering the solar future.”

Sol*Con™ is a registered trademark of Solar*Tec AG.

Contact:
Mr. Dr. Erich Merkle
Solar*Tec AG
Bavarian Stock Exchange
Lenbachplatz 2a
D 80333 Munich/Germany
Tel.: +49-89-90 77 49 97 33
Fax: +49-89-90 77 49 97 46
E-Mail: info@SolarTecAG.de
Internet: www.SolarTecAG.de

The Solar*Tec AG is a Munich based company with offices in Spain, Italy, Greece, USA, China and Singapore and develops and markets highly efficient solar energy systems. Solar*Tec is the only PV company active in all three generations of PV: crystalline silicon, thin film and concentrator PV. The Solar*Tec group of companies covers all important steps of the solar energy value chain: wafer manufacturing, solar glass, development of components, module production and realization of power plant projects. Solar*Tec’s core competence is the Sol*Con™-concentrator technology which provides efficiency rates over 35 percent and generates solar energy up to 50 percent cheaper than conventional solar modules.

This release was published on openPR.