Solar Millennium completes Arenales financing

The purchaser is a subsidiary of Deutsche Bank's RREEF Pan-European Infrastructure Fund. Some 26% of the remaining shares will be held by Solar Millennium, another 25% by OHL. At the same time, the financing agreement was signed with a group of Spanish and French banks too. About three quarters of the financing will come from the banks, the rest will be put up proportionally by the shareholders.

General contractor will be Ecolaire Espana which belongs to the OHL group. Solar Millennium's Spanish subsidiary Milenio Solar will develop and manage the project during the construction phase. It has already been decided that Flagsol GmbH, also a Solar Millenium subsidiary, will construct the heat storage and heat carrier system. The power plant is slated to feed power into the Spanish grid from 2013. The first preliminary construction work has already started. OHL and Solar Millennium acquired the Arenales project only last April. Christoph Wolff, company CEO, said that for Solar Millennium "the rapid implementation, from project purchase to completing the financing, is an example of sustained sales and results by projects with shorter returns on investment".

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