Investment in European Solar

On October 29, 2002 Vattenfall Europe Venture GmbH bought 15 percent of the shares of SOLARA AG to invest in the growth of the company. The founders of the company will retain 80 percent of the shares.

Berlin, Germany – November 18, 2002 [] Photovoltaic manufacturer SOLARA AG designs, produces, develops and sells photovoltaic products, components and systems for solar power generation. In the last years SOLARA AG has grown above average along with the overall PV market. With the extension of the SOLARA module factory “Sonnenstromfabrik Wismar” in Mecklenburg-Vorpommern, SOLARA AG are set to repeat their 60 percent turnover growth next year. It is planned that by the year 2004 the extension of the Sonnenstromfabrik will create up to 150 new jobs in Wismar. The capital demands for the extension of the factory in Wismar and for the further growth of SOLARA AG run up to €15.1 million (US$ 15 million). Vattenfall Europe Venture GmbH will actively accompany the growth of SOLARA AG. Vattenfall wants to use its long-time knowledge in the energy business as well as the network of Vattenfall Europe and its subsidiary companies to fully support SOLARA AG. Jürgen Stotz – former Chairman of the Board of VEAG – is convinced of the positive effects of the cooperation. In the course of the venture he became member of the supervisory board of SOLARA AG. “We have found with Vattenfall Europe Venture an investor providing knowledge in the market of renewable energies as well as experience with venture capital financing,” said Thomas Rudolph, Chairman of the Executive Board of SOLARA AG. “Together we will expand the awareness for and the usage of solar technology and we will make the future with renewable energies feasible.”
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