DGAP-News

S.A.G. Solarstrom AG successfully closes sale of Italian 48 MWp project to BNP Clean Energy Partners

DGAP-News: S.A.G. Solarstrom AG / Key word(s): Disposal
S.A.G. Solarstrom AG successfully closes sale of Italian 48 MWp
project to BNP Clean Energy Partners

02.04.2012 / 13:05

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S.A.G. Solarstrom AG successfully closes sale of Italian 48 MWp project to
BNP Clean Energy Partners

- Photovoltaic power plant with very high performance and availability
- The Group´s technical expertise will be developed
- Inflow of liquidity strengthens S.A.G. Solarstrom AG´s market position

Freiburg, April 2, 2012. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008) has successfully
concluded the sale of the North Italian 48 MWp photovoltaic project
Serenissima. The project company was sold to a subsidiary of BNP Paribas
Clean Energy Partners pursuant to a sales agreement signed on December 31,
2011 and on March 30, 2012 the three-digit million Euro purchase price was
paid and the company shares transferred. The largest project in the
company´s history to date impressively documents the performance of the
S.A.G. Solarstrom Group with turnkey photovoltaic projects. With the
construction of the high-performance and high-availability power plant, the
S.A.G. Solarstrom Group has further expanded its technical expertise. After
settlement of payables and repayment of the project bridging loan in the
amount of approximately EUR80 million, S.A.G. Solarstrom AG received liquid
funds of over EUR50 million on March 30, 2012. The inflow of liquidity
strengthens the market position of the Group, which wants to continue to
increase the MWp sales volume in 2012 by constructing own projects and
through Partner Sales.

´We concluded this project successfully under difficult market conditions´,
explains Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. ´Due to the
introduction of the Conto Energia IV in spring of 2011, we were forced to
reduce the construction time by several months, in order to be able to
present attractive profitability for investors. With connection to grid at
the end of August 2011, we were successful in this. However, a project of
this size needs to be sold and funded. Here too, we have acted successfully
in the middle of the largest European economic and financial crisis. We
were thus able to prepare a highly appealing total package for investors´,
continues Kuhlmann.

´Serenissima is an outstanding photovoltaic project with high levels of
performance and profitability, which was carefully conceived as a complete
solution for investors. This project is therefore a good fit for our