July 18, 2008

Erfurt, Germany: ersol to supply solar cells to IBC Solar AG

ersol Solar Energy AG has signed a major contract with Bad Staffelstein based system integrator, IBC Solar AG for the supply of crystalline silicon solar cells. Starting this year, the cells will be supplied over a period of 10 years. The contract is worth more than EUR half a billion.

ersol is scheduled to receive downpayments from IBC SOLAR AG, which will later be credited to the German PV provider when the solar cells are purchased, in the form of a purchase price reduction. IBC SOLAR joined the ranks of ersol's major clients last summer. In June 2007 both solar companies concluded a contract to the value of roughly EUR 230 million, scheduled to run for several years.

This latest contract saw ersol increase its total order book value for solar cells to almost EUR 4 billion.

"We are delighted that we have been able to intensify our successful business relationship with IBC SOLAR. Now even more high-efficiency BluePower® and BlackPower® solar cells will be fitted in IBC SOLAR's high quality photovoltaic modules," says ersol’s CEO Dr Claus Beneking. As one of the leading system integrators in the world in the field of complete photovoltaic systems, IBC SOLAR AG will be using the modules both to meet the great demand from its established customers in Germany and also to further expand its international business.

"This new cell contract with ersol will help us to secure the long-term growth of our company. The photovoltaic modules equipped with ersol solar cells will also help us expand our international business," says Udo Möhrstedt, CEO of IBC SOLAR, on signing the contract.

Further details about: ersol Solar Energy AG and IBC Solar AG