S.A.G. Solarstrom Secures €20M for 13.6-MW Czech Project

S.A.G. Solarstrom AG received a €20 million bridge loan for their 13.65-megawatt (MW) photovoltaic project in Stribro, Czech Republic. After this bridge loan, which was arranged at short notice by youmex AG, is repaid, S.A.G.expect to conclude negotiations on long-term final financing of the project, which represents an investment of over €60 million.

The 13.65-MW photovoltaic system on a former military base in Stribro in the district of Pilsen has been the largest ground-mounted individual photovoltaic project installed in the Czech Republic to date.

“The high quality of our systems and our company’s good reputation has made financing, even of large projects, considerably easier. We therefore did not and do not need to sell this interesting project at all costs, which to a certain extent is not what the market expects. Instead, we can choose the most attractive economic option without any time pressure,” said Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom.

This is one of a number of project being developed in the Eastern European nation, which is looking to develop quickly in an effort to become a full fledged member of the European Union. Last month, Photon Energy a.s. completed construction on four photovoltaic plants across the Czech Republic and connected them to the grid. The combined installed capacity of these plants is 2.66 megawatts (MW). The projects include three utility-scale solar power plants and one rooftop installation.

S.A.G. has also been active in other emerging European markets. Last month, the company said that it is installing 10 photovoltaic systems with a total output of 9.7 megawatts (MW) in the South Italian province of Brindisi for GPR Global Power Resources. The company said that the ground-mounted systems will be connected to grid in April 2010.

The project build-out includes nine ground-mounted systems each with 999 kilowatts (kW) of capacity and one system with 710.4 kW of capacity, making a total output of 9.7 MW. Construction on the projects is currently underway. The project will employ polycrystalline modules from Yingli Green Energy as well as inverters from SMA.

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