Meinl International Power Ltd.

MIP develops 15.4 MWp Solar Farm in Almeria, Spain

Total investment volume: EUR 87 million Scheduled commissioning date: September 2008

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St. Helier, Jersey (euro adhoc) - Jersey, January 17, 2007. Meinl International Power Ltd. (MIP) has signed contracts for the development of a solar farm in Andalusia/Spain. The plants will be constructed in one of Europe´s most Southern and therefore sunniest regions by a consortium headed by Alpine Energie Deutschland GmbH. The solar farm is designed for a total capacity of 15.4 MWp. The general contractor has agreed to complete the project by the end of September 2008 in order to be eligible for a favourable feed-in tariff.

Investment volume of around EUR 87 million

MIP relies on the considerable appeal of generating electricity from renewable energies and has thus decided to invest in wind and solar energy. Apart from signing agreements on the establishment of its first wind farm in Germany and securing contractual rights to a wind farm project in Slovakia, MIP, by signing agreements for its first photovoltaic project, has now taken an additional step towards promoting growth in the alternative energy area.

The total investment volume for the solar farm project amounts to approximately EUR 87m.

The Almeria photovoltaic park will be located in the middle of the province of Almeria, which is among the regions with the best solar radiation values in Spain. The annual power output of around 24 million kWh generated at Almeria will suffice to supply around 6,000 average households. Around 91,000 photovoltaic modules will be installed in an area of 300,000 m2, which corresponds to the size of 40 football fields.

Experts in the solar energy sector as development partners

The project developer New Energy Invest GmbH from Munich, Germany, is active in the solar sector in several European countries. Alpine Energie, a German subsidiary of the Austrian company Alpine Bau, has agreed to act as general contractor. Another industry expert on board is Sinosol AG, project planner and module supplier.

Construction works were already started at the beginning of January 2008 in order to enable completion of the project by the end of September 2008 which means that higher feed-in tariffs will apply.

Spain as an attractive target market for solar farm projects

Spain is one of the sunniest countries in Europe and records the best solar radiation values. In addition, there are sufficient undeveloped and suitable areas for building such power plants. As in Italy and Greece, renewable energy is strongly subsidised in Spain.

For all plants that are registered and connected to the power system by September 28, 2008 at the latest a feed-in tariff of around 41 c/kWh will apply. This favourable rate is guaranteed for a period of 25 years with annual adjustments for inflation. For the remaining life of the power plant the tariff will be reduced by 20%.

In addition, the establishment of photovoltaic plants is promoted by granting tax reliefs.

By starting operations at the photovoltaic farm in Almeria before the end of September 2008 MIP could profit from the currently higher tariffs and generate cash flows quickly in a safe environment.

Photovoltaics have developed into one of the world´s strongest growing forms of regenerative energy due to statutory measures and considerable financial incentives. In addition to Spain, Italy and Greece, on account of substantial feed-in remunerations, their long-term guarantees as well as high solar radiation levels, are countries in which it makes a lot of sense to set up solar farms. Therefore, MIP is also pursuing other projects in these countries.

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ots Originaltext: Meinl International Power Ltd.
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Branche: Energy
ISIN:      AT0000A05W59
Index:    other listings
Börsen:  Wiener Börse AG / Third Market

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