SolarWorld AG

ots Ad hoc-Service: SolarWorld AG SolarWorld initiates a sun fund amounting to a value of 50 Mio. DM

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    Bonn (ots Ad hoc-Service) -

    The SolarWorld AG, Bonn, initiates a sun fund with a total value of 50 Mio. DM. "The capital is determined for industrial solar power stations, which will be constructed all over Germany", the chief executive officer Dipl-Ing. Frank H. Asbeck comments the main investment. The administration of the sun fund will be taken over by a new founded limited partnership. The fund will be managed by the Asbeck Immobilien- und Kraftwerksgesellschaft mbH, which itsself is owned by 80 percent by the Solar World and which will represent the general partner of the sun fund. In total, 15 Mio. DM private equity will be placed with the public capital market. This will be realized by the sale of fund shares to private investors. Another 35 Mio. DM will be provided by big credit institutes as well as the Deutsche Ausgleichsbank. "In discussions with investors and banks we realized a high interest in sun funds. The establishment of a sun fund is still unique in Germany. In order to finance these power stations, low interest credits of the Deutsche Ausgleichsbank will be used. This will minimize the capital costs", Frank H. Asbeck explains. "More than that, the new feed-in-law for solar power will be passed in the near future." The construction of these photovoltaic power stations will be executed completely by the SolarWorld AG. "We will construct high- tech photovoltaic power stations, as we still constructed in the past, e.g. for the Essener RWE Energie AG", Dipl-Ing. Frank H. Asbeck comments. "Our cost saving technology is still tested in several applications". The used photovoltaic modules are produced by the Swedish company GPV, a subsidiary of the SolarWorld AG. "The GPV modules are very innovative and will guarantee for more than 20 years the production of solar power without producing any emissions. We will also use technical innovations for the construction of the solar power stations", the chief executive officer adds. Waste disposals and soiled industrial fallow land, which could not be used furthermore, will be used as construction areas for these power stations. The distribution of the fund shares will also be executed by the SolarWorld AG, as well as by well-known partnerships and business banks.

    Within its main business line photovoltaic, the SolarWorld AG is trading with photovoltaic cells, modules and other photovoltaic components and is constructing complete solar power stations. The Asbeck Immobilien- und Kraftwerksgesellschaft mbH, a 80% subsidiary of the SolarWorld AG, is specialized in projecting and constructing wind power stations. The 70% subsidiary Gällivare PhotoVoltaic (GPV), Sweden, is producing in a cost saving way high capicity photovoltaic modules. Contact: SolarWorld AG Aktionärsbetreuung / Marketing Communications, Mrs. Sybille Teyke, phone.: ++49-228 559200; fax: ++49- 228 55920-99, e-mail: Internet: SolarWorld-WKN 510840 (SWV)

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