MAN Ferrostaal And Solar Millennium Start Up New Company In USA
MAN Ferrostaal and its partner Solar Millennium AG are repositioning in solar power market in the USA. The two companies are reacting to the marked increase in demand for solarthermal power generation in the country. All activities on the US market will in future be concentrated in a new joint venture, the Solar Trust of America LLC (STA). Through affiliated companies, Solar Millennium will have a majority share in this company, while a minority share will be owned by MAN Ferrostaal Inc., Cleveland (Ohio), a subsidiary of MAN Ferrostaal AG, Essen. Solar Millennium will also integrate the American project development subsidiary Solar Millennium LLC, Berkeley, as a future subsidiary of STA.
Solar Millennium LLC already has long-term power purchase contracts, known as Power Purchase Agreements (PPAs), for up to three parabolic trough power plants in California, each of which will generate just under 250 MW and is cooperating with Nevada Energy on the development of projects in the Amargosa Desert. Further projects are also under development. STA will intensify the development of projects in the southwestern states of the USA, and with its business segments Project Development, Project Financing, Power plant Construction and Power plant Operation it will cover the entire value chain for solarthermal power plants in the USA.
Christian Beltle, CEO of Solar Millennium AG: "We already cooperate with MAN Ferrostaal in Europe, North Africa and the Middle East. By bundling our activities and expanding our collaboration with MAN Ferrostaal we are additionally strengthening our position in the US market. At the same time we are putting the speedy and reliable implementation of our projects on a firm footing. Solar Trust of America is to take over a major role in the construction of solar thermal power plants in the US and build the first solar power plants of this capacity."
According to Uwe T. Schmidt, Chairman and Chief Executive Officer of STA, "The expansion of the previous activities around power plant construction opens up new sales potential. We offer our customers the entire range of services in the development, financing, technology, construction and operation of solar thermal power plants from a single provider. Adequate capitalization should make it possible to simultaneously develop and realize several large projects with investment volumes of more than one billion US dollars each." To finance solar thermal power plants, the Company might also turn to public grants and loan guarantees as well as to the possibilities of tax credits.
MAN Ferrostaal AG
MAN Ferrostaal AG, Essen, is a global provider of industrial services in plant construction and engineering. As a general contractor in plant construction, the company offers project development, project management and financial planning for turnkey installations, including petrochemical plants, gas and solar power stations, oil and gas installations, biofuels and industrial plants. MAN Ferrostaal operates as an independent sales and service partner for machine and systems manufacturers in the automotive, printing and packaging machinery, piping and marine construction sectors, and employs around 4,400 people in 60 different countries. In 2008, its annual turnover amounted to 1.6 billion euros. 70% of the shares in MAN Ferrostaal AG are held by the International Petroleum Investment Company from Abu Dhabi (IPIC), while 30% are owned by MAN AG (Munich, Germany).
For more information, visit www.manferrostaal.com.
Solar Millennium AG
Solar Millennium AG, Erlangen, is a global company in the renewables sector with a focus on solarthermal powerplants. Together with its subsidiaries, the company has specialised in parabolic trough powerplants, a proven and reliable technology in which the Group is taking a leading position globally. All of the important business areas along the value-creation chain of solarthermal powerplants are covered – from the project development to the technology, the turnkey ready construction of the plants to operation and ownership of the powerplant. Together with partners, Solar Millennium developed and realised Europe's first parabolic trough powerplants in Spain. Further projects with an output of over 2,000 megawatts are at the planning stage worldwide. Regional focus is currently on Spain, USA, China and North Africa. Furthermore, the company is pursuing the objective of achieving the marketability of "Blue Tower" technology to acquire hydrogenated product gas from the utilisation of regenerative feedstock and, in the long term, of solar updraft powerplants. For more information, visit www.solarmillennium.de
SOURCE: MAN Ferrostaal & Solar Millennium AG