Solon Completes Acquisition of Estelux

Solon SE has increased its equity investment in the Italian start-up company Estelux s.r.l. to 100 percent. In June 2008, Solon had initially purchased a strategic interest of 19.5 percent. The shares are held by Solon’s Italian subsidiary Solon S.p.A.

Estelux, founded in 2007, plans to establish a plant for the production of solar silicon in Ferrara, northern Italy. The plant will have an initial annual capacity of 4,000 tons by the end of 2010. The site is ready for construction, with preliminary activities already started and detail engineering ongoing.

The total investment volume amounts to approximately €400 million [US $548.9 million]. Additional investors could be contacted after the necessary construction permit expected for the first quarter of 2009 has been received. Solon said that the purpose of this strategic investment is to broaden its supply base for raw materials and to secure the company’s long-term access to additional volumes of solar silicon and solar cells.

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