Solar, Utility Integration

SolarWorld Sees Rise in Business

Germany’s SolarWorld AG expects business in 2002 to grow by 25 percent to more than €100 million Euros and a growth in earnings before interests and taxes also by 25 % compared to the previous year. Already in the first four months of 2002 group sales increased by more than 50 percent compared to the same period last year.

BONN, Germany – May 28, 2002 [SolarAccess.com] The company is offering up to 825,000 no-par individual bearer share certificates. The price for the new shares amounts to €15 each. The subscription ratio is 6:1 – holding six share certificates of SolarWorld AG therefore entitles the shareholders to subscribe one new share of the company. New share certificates must be purchased by June 4, 2002. The new share certificates are fully entitled for profit share for business year 2002. The proceeds of the issue will be used to extend and develop one of the most modern integrated solar plants in the world, located in Freiberg/ Saxony where the group company Deutsche Solar AG is based. Deutsche Solar AG is already Europe’s biggest manufacturer of solar silicon wafers. The group has planned to extend the production of solar silicon wafers from 80 MW to 220 MW by the end of 2004. Moreover, the group intends to develop a production site for both solar cells and solar modules with a capacity of 60 MW each by 2004. The group will also start recycling used solar products for recovering solar silicon. By the end of 2002, the group will have completed the extension of the solar silicon wafer capacity to 120 MW and the start of the production of solar cells and modules with 30 MW each.