MAN Ferrostaal expands its solar business

09.07.2007 -

Following the approval of a joint venture with Solar Millennium AG, MAN Ferrostaal has further expanded its solar business with a 25% stake in Solar Power Group GmbH (SPG). SPG specialises in the construction of solar thermal power stations based on Fresnel technology and is the engineering partner for a new demonstration plan in Almería, which was officially opened on 9 July 2007. Fresnel technology is the most cost-effective of the four solar thermal technologies currently available and is intended to be used commercially in large-scale plants from 2008.

SPG has already built and operated two Fresnel test plants and has taken the technology a giant leap forward over recent years. Dr. Wolfgang Knothe, member of the Executive Board of MAN Ferrostaal, and responsible for the industrial plants business, asseses the shareholding as the logical step to expand these activities: "We are assuming that the solar sector will experience a considerable growth spurt over the coming years. We are therefore entering into strategic alliances with leading technology companies in the field of solar energy to position ourselves as general contractor for the construction of solar thermal plants." MAN Ferrostaal is planning to offer power stations, such as these, in Southern Europe, Near and Middle East, Africa, Asia and America, based on its global organisational structure and existing technology partnerships.

Renewable energies and fuels play a key role in MAN Ferrostaal's corporate strategy. MAN Ferrostaal is one of the first globally-active plant contractors to systematically develop and build power stations to produce solar power plants and plants for the production of bio fuels. As is the case in other fields of plant construction, MAN Ferrostaal does not develop the required technologies itself, but works with leading technology partners to turn projects into reality together with them.

About MAN Ferrostaal AG:

MAN Ferrostaal is a worldwide supplier of industrial services for the construction of large-scale industrial plants and machine supply. As a general contractor for plant construction, the company offers project development, project management and financing solutions for turnkey plants in the areas of solar thermal power plants as well as biofuels, petrochemical and industrial plants. In ccoperation with manufacturers of machines and production lines, MAN Ferrostaal offers sales and services in the areas of automotive industries, print and packaging, piping, ships and transport solutions. With 4,200 employees MAN Ferrostaal is represented in more than 60 countries. The company achieved a turnover of EUR 1.4 billion in 2007.

MAN Ferrostaal is a subsidiary of MAN Aktiengesellschaft, Munich. The MAN Group is one of Europe’s leading manufacturers of engineering equipment and vehicles, generating annual sales of around EUR 16 billion. MAN supplies products, systems and services to the capital goods industry and employs approx. 55,000 people worldwide. The core areas operated by the MAN Group, Commercial Vehicles, Industrial Services, Diesel Engines and Turbomachines, all hold leading positions in their markets. MAN is a member of the DAX German Share Index, Germany’s top 30 public limited companies.