Solar Millennium Gets a New CFO

Release

Solar Millennium AG: John Clapp appointed new CFO of Solar Trust of America

 

• Citigroup manager of many years strengthens US subsidiary for the

financing of US power plant projects

• Renowned specialist for the US government’s Loan Guarantee Program

in the field of renewable energies

• Solar Millennium’s Executive Board considers the appointment a further

milestone in the realization of US power plants

 

Solar Trust of America (STA), a joint venture by Solar Millennium AG (ISIN DE0007218406) and the Ferrostaal Group, has named John D. Clapp as its new Chief Financial Officer (CFO) with immediate effect. The main area of responsibility of the former long-term Citigroup manager will be to secure financing for the planned power plant projects in Nevada and California. As Citigroup already received the mandate as financial advisor for these projects in 2009, John Clapp is already familiar with the details of the planned power plants due to his previous position as one of the managing directors of Citigroup’s Global Energy segment.

 

The 41-year old is considered a renowned financing expert for projects in the field of renewable energies. His wealth of experience particularly focuses on seeking to include tax equity and the US government’s loan guarantees in project financing. Prior to his five years with Citigroup, John Clapp spent more than ten years as a successful economic and management consultant to companies involved in the field of power and energy and government authorities in North America, Europe and Asia.

 

Uwe T. Schmidt, CEO of Solar Trust of America: “We are extremely pleased to add a financial expert of John Clapp’s caliber to our management team. His knowledge in renewable project finance and his experience in working with the US Department of Energy make him the ideal addition to our leadership team. Together we will continue to build Solar Trust of America into the premier solar-thermal power plant developer, constructor and operator in North America.”

 

“This is an exciting opportunity to join a solar technology leader with a robust project pipeline and a unique approach to business that I believe clearly sets it apart from its peers,” said Clapp upon taking office. “I am also very impressed with Solar Trust of America´s vision for the future and excited to join the highly seasoned team of solar technology experts in developing, financing and constructing solar-thermal power plants in the southwestern US.”

 

Thomas Mayer, spokesman for the Executive Board of Solar Millennium AG: “With John Clapp we strengthened our management with an experienced top manager from the US finance sector. Together with Uwe T. Schmidt, a successful entrepreneur with excellent contacts in the US market and Josef Eichhammer, a tested and proven professional executive with 25 years of project development experience, the management of Solar Trust of America is perfectly positioned for the opportunities and challenges in the coming years.”

 

As many as four proposed power plant locations of Solar Millennium AG and its partner Ferrostaal’s US-American companies are on the so-called Fast Track list. The approval process for projects on the Fast Track list is given priority by the relevant regulatory agencies. The time planning provides for construction of at least one power plant to commence by the end of the year. If approved, up to nine power plants with generating capacity of some 250 MW each could be realized at these four locations.

 

Josef Eichhammer, President and COO of STA says: “Our power plant projects are fully on schedule and moving ahead expeditiously on all fronts. John Clapp is a great addition to our team and he will strengthen our efforts to finalize the complex financing of our power plants.”

 

In addition to the Loan Guarantee Program, solar power plant projects in the US can further benefit from so-called Investment Tax Credits (ITC) through 2016. This entails tax relief of up to 30 percent of the investment total. The government designed the ITCs to make investments in solar power plants more attractive. All projects commencing realization as early as 2010, qualify for subsidies from President Barack Obama’s US stimulus package (American Recovery and Reinvestment Act 2009). This provides for companies to receive these ITCs not in the form of tax relief, but rather as a direct grant for financing by the government.

 

About Solar Millennium AG:

Solar Millennium AG, Erlangen, is an international company in the renewable energy sector, with its main focus on solar-thermal power plants. Together with its subsidiaries and associates, the Company specializes in parabolic trough power plants and has managed to take a globally leading position in this field. Solar Millennium strives to further extend its expertise in the area of solar-thermal power plants with the aim of achieving and securing sustainable technology leadership. As such, the Company covers all important business sectors along the value chain for solar-thermal power plants: from project development and financing to the technology and the turnkey construction and operation of power plants. In Spain, Solar Millennium developed Europe‘s first parabolic trough power plants and realized these together with partners. Additional projects are planned around the world with an overall capacity of more than 2,000 megawatts: here the current regional focus is on Spain, the US, India, China, the Middle East and North Africa. More information is available at www.SolarMillennium.com

 

About Solar Trust of America:

Solar Trust of America, LLC is an integrated industrial solutions company of solar thermal power plants The Company is a joint venture of the Solar Millennium Group (70%) and the MAN Ferrostaal Group (30%) and covers the entire value chain for solar thermal power plants in the region of North America. This includes the business segments of project development and financing, engineering, turn-key construction and operation of power plants. The American project development company Solar Millennium LLC, headquartered in Berkeley (California), is a wholly-owned subsidiary of Solar Trust of America.

 

About solar-thermal power plant technology:

Solar-thermal power plants generate electricity by converting solar radiation into heat energy. In a parabolic trough power plant, trough-shaped mirrors concentrate the incidental radiation onto a pipe in the focal line of the collector. Its absorption heats a fluid heat medium in the pipe, generating steam in the power block through a heat exchanger. As in conventional power plants, the steam powers a turbine to generate electricity. By integrating thermal storage, electricity can be supplied on demand, even after sunset.

 

For further information:

Solar Millennium AG

Dipl.-Ing. Sven Moormann (Corporate Communications)

Dr. Stefan Eckhoff (Investor Relations)

Tel.: +49 (0)9131 9409-0

Email: presse@SolarMillennium.de / investor@SolarMillennium.de

Web: www.SolarMillennium.de

 

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