Solea sets a new EPC benchmark and commissions a 7.7 MW photovoltaic plant in record time in the face of political turmoil.

Plattling, Germany (March 26th, 2012) - Solea AG (“Solea”) - a leading international utility scale photovoltaic EPC together with Solea Capital GmbH (“Solea Capital”) - a Munich based renewable energy merchant bank advisory - completed and commissioned a 7.7 MW ground mounted PV plant in just 17 days.

Solea AG, acting as general EPC contractor and financial sponsor of the construction phase, broke ground on the 7.7 MW PV plant, “Solarpark Gut Werchau”, on February 24th. In a record time of just 17 days, on March 8th, 2012, Solea completed and commissioned the installation of 32,765 JinkoSolar JKM 235P-60 panels and 388 Siemens decentralized inverters. The PV plant was built on a 20 hectare former military land parcel in the municipality of Schlieben and Naundorf, in the German state of Brandenburg.

Total investment volume was approximately €14 million. The PV turnkey plant will acquired and transferred to the Munich based financial investor, Chorus GmbH.

The recent political turmoil surrounding the abrupt incentive cuts to the German PV support policy drove Solea to push new boundaries of engineering, procurement and construction completion time. On February 23rd, one day before Solea broke ground on the 7.7MW project, the Federal Environmental Ministry, (“Bundesumweltministerium”), released a proposed draft of its renewable energy law. Beyond slashing feed-in tariffs by as much as 30%, the new law where slated to become effective on the 9th of March, 2012. At the time, this wording provided no legal security to the contrary and Solea had no choice but to flex its construction management muscle and commission the 7.7MW with local utility company Envia prior to the proposed dead-line.

With neither room for error nor time to spare Solea together with its long-term valued sub-contracting partners and suppliers worked around the clock in winter conditions. Years of PV plant design innovation, process management and creative problem solving were paramount to programed realization.

 

Anton Schweiger, Solea AG CEO, “When the stakes are high, you don’t go out and attempt something you haven’t trained for. Completing a 7.7 MW plant was not a gamble for Solea, it was a calculated challenge. This milestone achievement reflects the sustainability that defines Solea. I am proud to have witnessed the velocity and precision at which our company successfully executed this project.

 

ABOUT SOLEA AG

Founded in 2007, Solea AG is one of Germany top fifteen engineering, procurement and PV construction companies. Solea AG provides turnkey EPC solutions for utility scale PV plants globally.

ABOUT SOLEA CAPITAL GMBH

SOLEA Capital GmbH, a subsidiary of SOLEA AG and founded in 2011, diversifies and expands SOLEA’s core competencies. Solea Capital is responsible for business development and transaction management. Solea Capital comprises of specialists with experience in the renewable energy sector as well as professionals with backgrounds in private equity and corporate finance.

 

KONTAKT

Georg Sterner                                      Steffen Kammerer

Solea AG                                             SOLEA Capital GmbH

CFO                                                    Geschäftsführer

www.solea-ag.com +49 (89) 66 06 01 81

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Solea AG
Gottlieb-Daimler-Str. 10
94447 Plattling
Germany

Telephone: +49 (09931) 89699 - 70
Fax: +49 (09931) 89699 - 75

E-Mail: info@solea-ag.com

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