Acquisition of 1.75 GW of Solar Millennium concentrated solar thermal projects to be delayed

On December 21st, 2011 Solarhybrid AG (Brilon, Germany) announced that it has expanded the capacity of its FinowTower II solar energy photovoltaic (PV) plant to 84.7 MW, making it the largest PV plant in Europe. The company notes that the completion of this plant and progress on another 18.5 MW PV plant bring its cumulative 2011 installed capacity to 218 MW at 11 PV plants.

A day later on December 22nd, 2011, the company announced that it will acquire only 1.75 GW of projects from Solar Millennium (Erlangen, Germany), instead of the 2.25 GW previously planned, and will delay this acquisition until the first quarter of 2012.

"Solarhybrid AG can look back on an extremely successful 2011 in which all of the planned projects were without exception structured, financed, marketed, constructed and completed according to schedule," declared the company in a press statement.

Alsted I PV plant to be commissioned in January 2012

The FinowTower PV plant was expanded in 2011 from 60.4 MW to 84.7 MW, with the last PV modules installed on December 19th, 2011. Solarhybrid installed two transformers in the transformer station and connected the plant to the grid on December 20th, 2011.

The company states that it plans to put the inverters gradually into operation and feed the full capacity to the grid by the end of 2011.

The 18.5 MW Alsted I PV plant is the last plant that Solarhybrid has started to date. The company states that the plant is adequately completed in order to secure the 2011 Renewable Energies Act feed-in tariff for the entire capacity, and Solarhybrid plans to commission the plant in late January 2012.

323 MW PV pipeline for 2012

The 218 MW figure includes plants completed in three nations, including seven plants in Germany for 193 MW, three in Italy totaling 18.8 MW and one 6 MW PV plant in Slovakia. Solarhybrid notes that this installed capacity is 4.5 times greater than the 48 MW installed in 2010.

The company further expects to build 323 MW of PV plants in seven locations in 2012. In addition to these plants, Solarhybrid is planning PV plants in the U.S., Israel, Bulgaria and South Africa.

Solarhybrid states that its strategy is based on close and strategic partnerships in order to achieve maximum volume with lean structures. The company notes that Enerparc AG (Hamburg, Germany), Conecon GmbH (Haibach, Germany) and Altira AG (Frankfurt Am Main, Germany) have been important partners.

Conclusion of terms of pipeline acquisition expected in January 2012

Solarhbyrid signed definitive agreements with Solar Millennium to acquire the PV projects on December 1st, 2011.

However, the company notes that the closing of these agreements is subject to certain terms, including clarification of the applicability of project rights to PV instead of concentrating solar power (CSP) technology. Solarhybrid states that it expects to conclude these agreements in January 2012 at the earliest.