Hamburg, Germany and Madrid, Spain [RenewableEnergyAccess.com] The voltwerk group, a subsidiary of Conergy AG, concluded an agreement for the financing of large-scale photovoltaic (PV) plants worth more than Euros 394 million [US$501 million] with a German bank in Madrid.The agreement includes debt financing for all voltwerk’s PV projects in Spain currently under construction or in planning. voltwerk is able to complete projects with at least 45 megawatts-peak (MWp) output on the Iberian Peninsula in 2007 by investing in Conergy AG’s sun-tracking solar systems, which will provide an energy yield up to one third greater than conventional systems. voltwerk AG, which develops, finances and implements solar and wind parks, solar thermal power stations and bioenergy plants, has been represented since 2004 by its own subsidiary on the Iberian Peninsula. It is on target with its projects under construction in Spain and has a project pipeline in that region for PV. “This financing brings us significantly closer to our strategic goal of making 50% of our turnover abroad by 2008,” said Nikolaus Krane, CEO of voltwerk AG.