Solar Millennium and MAN Ferrostaal establish joint venture

04.05.2007 -

On 4 May 2007, MAN Ferrostaal, Essen, and Solar Millennium, Erlangen, established a joint company for project development and construction of solar thermal power stations. Both companies hold 50 percent in the new joint company MAN Solar Millennium GmbH. The goal is to establish the joint venture as one of the world's leading suppliers of solar thermal power stations. Its foundation is still subject to the approval of the German Federal Cartel Office.

As a project developer and technology provider, Solar Millennium has technology already used commercially and many years of experience in the development of solar thermal power stations. MAN Ferrostaal is, as a plant constructor and general contractor with financial competence, in a position to realise large power station projects. Solar Millennium and MAN Ferrostaal are bundling their competences for the development and construction of large solar power stations in the joint company.

Solar Millennium has developed Europe's first parabolic trough power stations in Spain, where two plants are already under construction. Further projects with an output of several hundred megawatts are being planned worldwide. Christian Beltle, chairman of the board of directors of Solar Millennium, sees in the joint company the continuation of his strategy of using the market potential by co-operating with strong partners in the relevant business fields. "With the joint venture, Solar Millennium is building up an additional field of business along the supply chain of solar thermal power stations and is consequently expanding its competences in the construction and delivery of power stations. MAN Ferrostaal contributes valuable experience as a general contractor and plant constructor with the necessary financial strength in international business".

Dr. Wolfgang Knothe, member of the board of directors of MAN Ferrostaal AG for the plant area, assesses the establishment as an important step within the new strategic alignment of his company. "Within the context of plant construction, we are concentrating on the areas fuels and energy. The solar thermal power industry plays an important role in this strategy as it represents a strongly growing market for the future." With the help of Solar Millennium, MAN can considerably reduce the time needed to establish itself on the solar market.

Solar thermal power stations have the potential to make a significant contribution towards the global energy supply in the future and studies confirm the great market potential. In a study commissioned by the German Federal Ministry for the Environment, Nature Protection and Reactor Security, the German Centre for Aerospace (DLR) expects solar thermal power stations to be able to deliver twice as much energy in the Mediterranean region in 2050 as wind, photovoltaic, biomass and geothermal energy put together. Consequently, MAN Solar Millennium is already confronting the challenges of the future energy supply.

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.