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Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. --------------------------------------------------------------------------------

SolarWorld AG: Foundation Laid for Deutsche Solar GmbH Expansion

SolarWorld AG has laid the foundation for the expansion of its subsidiary Deutsche Solar GmbH, Freiberg/Saxony. Thus, the SolarWorld AG Board of Directors has increased the capital of Deutsche Solar GmbH to 20 million. This capital measure will be financed from a capital increase for existing shareholders and from the companys capital reserves.

In the course of the capital increase Deutsche Solar will be converted into a stock corporation (German: AG). The Supervisory Board will appoint Prof. Dr. Peter Woditsch as the Chairman of the Executive Board (CEO). Other members of the Executive Board of Deutsche Solar AG will be Dipl.-Kfm. Ekhard von Dewitz as VP Finance (CFO) and Dipl.-Ing. Boris Klebensberger as VP Technology (CTO). The Supervisory Board will be chaired by the SolarWorld AG Chairman of the Executive Board, Dipl.-Ing. Frank H. Asbeck. He will be joined on the Supervisory Board by Dr. Claus Recktenwald as Deputy Chairman and Dr. Georg Gansen. All measures will be completed by the end of the year.

In this context, SolarWorld AG will increase its own capital within the scope of its approved capital excluding subscription rights by 450,000 shares to 4.95 million. The new shares will be placed with institutional investors before long. The funds generated for the company in this way will be injected into the Deutsche Solar expansion.

Specific plans of Deutsche Solar at the Freiberg location involve boosting the capacity of solar wafer production first to 100 MW and then by another 100 MW to a total of 200 MW. The raw materials base for the production of solar wafers will be secured by two measures: firstly, the construction of a plant to produce solar grade silicon from silicon grades so far not suitable for solar production; and secondly, the establishment of a facility for the recycling of used solar cells and modules.

In order to complete the value chain in the SolarWorld group of companies Deutsche Solar will also establish two manufacturing lines for the production of 25 Megawatt (MW) worth of solar cells each. For the further processing of the solar cells the final stage of the project will provide for the construction of two production lines to manufacture 25 MW of solar modules each. Module production will be handled by the newly established, wholly owned subsidiary of SolarWorld AG called SolarFactorya GmbH. This means that the entire module business will be controlled by SolarWorld AG. Deutsche Solar will remain a production and supply company offering its wafers and cells in the world market.

The entire capital expenditure for the proposed measures amounts to 250 million. With regard to these investment measures Deutsche Solar has filed an application for the approval of investment grants from the Community budget for The Improvement of Regional Economic Structures with the Sächsische Aufbaubank (Saxony Bank for Reconstruction). One third of the investments are to be funded by public subsidies. For some 40 per cent third-party financing will have to be found. For the third-party financing Deutsche Solar will seek an indemnity bond from the Federal Government.

Your contact: SolarWorld AG, Investor Relations / Marketing Communications Tel.-No.: +49(0)228/559200; Fax No.: +49(0)228/55920-99 E-mail: placement@solarworld.de; Internet: www.solarworld.de WKN 510840

For the business press: Herr Dipl.-Pol. Oliver Ristau, Tel.-No.: +49(0)40/386 158 24

end of message, (c)DGAP 27.08.2001 -------------------------------------------------------------------------------- WKN: 510840; Index: Listed: Freiverkehr in Berlin, Düsseldorf, Frankfurt, Hamburg und Stuttgart

270948 Aug 01



Autor: DGAP import (),09:52 27.08.2001



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