Financing and investor sale closed despite capital market crisis
- First utility scale power plant in Pennsylvania
- Largest solar power plant east of the Mississippi River
- More than 17,000 modules installed on 16.5 acre landfill site
Hamburg/ Philadelphia, PA - Conergy and its subsidiary EPURON have announced the completion and sale of the Exelon-Conergy Solar Energy Center. The 3 MW project is located on the Waste Management G.R.O.W.S 16.5-acre landfill site just outside of Philadelphia. Conergy’s Project Group (formerly SunTechnics) provided design, engineering and installation for the system. EPURON provided financing for the project. Exelon Generation, LLC is purchasing the power and renewable energy credits through a long-term power purchase agreement.
This solar power plant is Pennsylvania’s first utility scale plant and the nation’s largest solar photovoltaic (PV) generation project east of the Mississippi River. It features 17,000 crystalline panels which convert sunlight into electricity. The estimated annual production is 3,700,000 kWh, reducing yearly CO2 emissions by four million pounds, NOx emissions by over 9,000 pounds, and SOx emissions by 28,000 pounds. This is the equivalent of planting 25 acres of trees per year for 20 years.
“This agreement is another important step in our effort to bring renewable, low-carbon energy to the marketplace.Along with nuclear power, energy efficiency, and other renewable sources, solar power is an important part of our company’s efforts to address climate change,” said Ken Cornew, President, Exelon Power Team.
"Conergy and its EPURON division are proud to be the designer and developer of this landmark project. This project firmly establishes utility scale solar power plants in Pennsylvania and the entire Eastern US,” said Sarah Hetznecker, Director of Project Development for Conergy US. “This project is the result of a successful partnership between Exelon Generation, Waste Management and the Conergy team, and a major step towards energy independence and greenhouse gas reduction."
Conergy – a market leader for large scale solar projects in the booming US market
With the extension of the federal tax credits, state renewable portfolio standards, and the largest insolation resources in the world, the US is poised to become the world leader in solar energy. "Solar energy offers a safe, reliable financial return for investors as well as a viable hedge against rising electricity costs. The financing of this project during the current financial crisis demonstrates that solar energy remains an attractive asset class for financial investors,”said Kim McLawhorn, CEO Conergy Americas.
“This project signifies Conergy’s core competency in the realization of solar energy power plants, combining our financing, engineering and installation strength to deliver projects on time and on budget, proven through hundreds of solar installations in the US and thousands worldwide. We look forward to expanded solar policy support under the new administration.”
About Conergy
Since its founding in 1998, Hamburg-based Conergy AG has sold more than a gigawatt in renewable energy, making it one of the biggest European suppliers of solar energy and other renewable energies, and a world leader in solar system integration. Of the one gigawatt in renewable energies, Conergy has installed more than 400 megawatts in its major projects, Of the total one gigawatt, 200 megawatts falls to its wind energy park projects and 800 to its globally marketed solar modules. According to the German Solar Industry Association (BSW) this is just under a fifth of the entire installed photovoltaic output in Germany. Calculative one in ten modules worldwide was produced, sold or installed by Conergy.
Listed on the Frankfurt Stock Exchange since 2005, the group pursues a global growth strategy, The company now produces, installs and designs solar power systems and wind turbines in around 20 countries. The Conergy Group is represented with its own branches on five continents.
About EPURON
EPURON GmbH is one of the leading project development and structured financing companies in the renewable energy sector. The company develops, finances and implements wind farms, solar thermal power stations as well as bioenergy plants. Since its foundation in 1998, EPURON has financed and implemented over 90 large-scale projects with an investment volume of over 800 million euros. Its clients include institutional and private investors around the globe. EPURON has branches in ten countries. EPURON is a member of the listed company Conergy AG.
About Exelon Corporation
Exelon Corporation is one of the nation’s largest electric utilities with approximately $19 billion in annual revenues.The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic.Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 480,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.
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DISCLAIMER:
This communication is neither a prospectus nor does it constitute an offer to sell or the solicitation of an offer to purchase the shares or other securities of Conergy AG and it does not substitute the prospectus. Subject to the approval by the German Financial Supervisory Authority a securities prospectus will be published prior to the offer period and made available free of charge by Conergy AG and the coordinators. The shares will be offered exclusively on the basis of the prospectus required to be approved by the German Financial Supervisory Authority.
This communication is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any public offering of securities to be made in the United States of America will be made by means of a prospectus that may be obtained from Conergy AG and that will contain detailed information about the company and management, as well as financial statements. Conergy AG does not intend to register any part of the offering in the United States.
The information contained in this communication is not for publication or distribution in or into the United States of America, Canada, Australia or Japan and does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan.
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