Siemens acquires solar thermal energy leader Solel

Siemens to decisively strengthen its position in the growth market solar thermal power Acquisition of Solel Solar Systems for about $418 million

Siemens AG is to acquire the solar thermal power company Solel Solar Systems Ltd. To date, the majority stake has been held by Ecofin Ltd., a London-based investment firm, and another major shareholder. “After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector. With the acquisition of Solel, Siemens can now strengthen its market position in the promising business of solar thermal power plants. We can thus further expand our extensive Environmental Portfolio – and, as already announced, we will become even greener,” said Siemens President and CEO Peter Löscher.

Solel Solar Systems has a workforce of over 500 and is one of the world´s two leading suppliers of solar receivers, which are key components of so-called parabolic trough power plants. The high-growth company, which posted revenue totaling almost $90 million in the first six months of its current fiscal year (January 1 to June 30, 2009), is also a leader in the planning and construction of solar fields. The purchase price is about $418 million (currently equivalent to around €284 million1). The transaction is subject to approval by the responsible authorities. It is anticipated that the closing will take place before the end of this calendar year.

Solel is a successful company in the future-oriented solar power sector, with decades of experience in the development and manufacture of solar field equipment and the planning and construction of solar fields. Since 2006, Solel has also been present on the Spanish market, supplying key components for 15 solar thermal power plants with a combined capacity of 750 megawatts. In addition, the company is also active on the important U.S. market.
http://www.solel.com

eSolar unveils first US solar thermal power plant

Company's Breakthrough Technology Enables New Blueprint for Solar Thermal Deployment

Lancaster, Calif. – August 5, 2009 – With 24,000 mirrors glimmering under the Antelope Valley summer sun, eSolar, a leading provider of modular, scalable solar thermal power technology, today unveiled its 5-megawatt (MW) Sierra SunTower solar power plant. The full-scale power plant, the only power tower of its kind in the U.S., produces electricity for Southern California Edison (SCE) and can power more than 4,000 homes in California's Antelope Valley.

The eSolar technology resolves many of the problems that have held back large scale solar in the past including cost, speed of deployment and proximity to existing transmission lines. eSolar uses advanced software algorithms to precisely focus thousands of mirrors on a single point to efficiently harvest the sun's energy and achieve economies of scale with a smaller footprint than anyone else in the business.

"Today, we unveil a new blueprint for solar energy — one that leverages Moore's law rather than more steel," said Bill Gross, CEO of eSolar. "Sierra is just the beginning. Soon eSolar technology will be deployed worldwide to provide clean, affordable energy to hundreds of thousands of homes."

Constructed in less than one year, eSolar's Sierra SunTower power plant marks the first of several developments in the Antelope Valley region using eSolar technology. Over the course of construction, this project created 300 jobs.

"With today's historic plant opening, eSolar is proving that California's energy and environmental leadership are advancing carbon-free, cost-effective energy that can be used around the world," said Governor Schwarzenegger. "Through measures such as AB 32 and the California Solar Initiative, I have worked to create an environment that allows companies such as eSolar to thrive in our state — creating green jobs, boosting our economy and preparing us for the energy demands of the future."

eSolar received the support and cooperation of the City of Lancaster throughout the construction process. "The City of Lancaster is proud to be home to the nation's newest solar power tower plant. This plant and eSolar's progressive growth plans throughout the Antelope Valley are the crown jewels in our ongoing effort to truly become the Alternative Energy Capital of the World," said R. Rex Parris, Mayor of Lancaster.

eSolar develops its California projects on parcels of previously disturbed private lands, avoiding many of the permitting and environmental pitfalls of development on pristine desert lands. Located in northern Lancaster, Sierra SunTower is built on private land designated for heavy industrial use. The decision to site projects solely on private land is unique within the utility-scale solar industry, and the distinction has garnered support from local environmental advocates.

"eSolar demonstrates that pristine wildlands do not have to be sacrificed in order to keep the lights on with clean energy," remarked David Myers, Executive Director of the Wildlands Conservancy. "eSolar's efforts to reduce its impact on the surrounding environment demonstrates a level of foresight we hope to see from other solar developers in the future."

Sierra SunTower was fully financed and developed by eSolar, proving the rapid deployment, pre-fabricated method eSolar patented and pioneered. Building on Sierra's success, eSolar will deploy many more plants around the country and around the world. In February, eSolar announced an agreement with NRG Energy, Inc. to develop three plants in California and New Mexico that will generate up to 465 megawatts of electricity using eSolar technology. Additionally, in March, eSolar licensed its technology to India-based ACME Group for approximately 1 gigawatt of eSolar solar thermal capacity.

"Today we take an important step to a new dawn of power generation," said David Crane, President and CEO of NRG Energy. "With eSolar demonstrating the commercial viability of solar thermal power on a large scale, and with NRG planning to implement the technology at scale across the Southwest, we will begin to harness the sun to power our lives."

Streaming live at 10 am PST and on demand immediately following the event:
http://esolar.com/news/video_sierra

PG&E and BrightSource sign record solar deal, 1310 MW

Pacific Gas and Electric Company (PG&E) announced today that it has entered into a series of contracts with BrightSource Energy, Inc. for a total of 1,310 megawatts (MW) of solar thermal power.

These power purchase agreements, covering seven projects, supersede the agreements PG&E executed with BrightSource in April 2008 for up to 900 MW of solar thermal power.

The first of these solar power plants, sized at 110 MW and located in Ivanpah, Calif., is contracted to begin operation in 2012. BrightSource will build and place in commercial operation each of its plants as quickly as permitting and infrastructure allow. All seven projects are expected to produce 3,666 gigawatt-hours of power each year, equal to the annual consumption of about 530,000 average homes.

“The solar thermal projects announced today exemplify PG&E’s commitment to increasing the amount of renewable energy we provide to our customers throughout northern and central California,” said John Conway, senior vice president of energy supply for PG&E. “Through these agreements with BrightSource, we can harness the sun’s energy to meet our customers’ power requirements when they need it most – during hot summer days.”

“Today’s agreements reflect the technological milestones that the BrightSource Energy team has achieved over the past year,” said John Woolard, CEO of BrightSource Energy. “Our technology is setting the bar for efficient production of solar energy. We’re thrilled by the opportunity to help PG&E and other leaders bring energy customers more clean and reliable solar energy.”

Since 2002, PG&E has entered into contracts for more than 20 percent of its future electric power deliveries from renewable sources. On average, half of the electricity PG&E delivers to its customers comes from carbon-free generating sources, making the company’s energy among the cleanest in the nation.
www.brightsourceenergy.com
www.pge.com