January 6, 2010

Freiburg, Germany: S.A.G. Solarstrom Secures €20 million Toward 13.6MW Czech Project

S.A.G. Solarstrom AG received a bridging loan of €20 million for their 13.65 MWp photovoltaic project in Stribro, Czech Republic at the end of 2009 via their project company Solar Stribro s.r.o.

After this bridging loan, which was arranged at short notice by youmex AG, Frankfurt, S.A.G. Solarstrom AG are also expecting the conclusion of negotiations of long-term final financing of the project, with an investment of over €60 million, in the near future. The 13.65 MWp photovoltaic system on a former military base in Stribro in the district of Pilsen has been the largest ground-mounted individual photovoltaic project installed in the Czech Republic to date.

"The high quality of our systems and our company’s good reputation has made financing, even of large projects, considerably easier. We therefore did not and do not need to sell this interesting project at all costs, which to a certain extent is not what the market expects. Instead, we can choose the most attractive economic option without any time pressure“, explains Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. At the same time, this would improve the chances of definitely achieving the planned growth for 2010.

“After we were able to achieve our goals for 2009, we are anticipating increased sales of between €190 and €210 million for 2010 and a considerably improved EBIT of between €8 and €11 million“, says Kuhlmann.

Further details about: S.A.G. Solarstrom AG