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12.07.2011
Solarmag and Hanergy sign turnkey production agreement
Solarmag and Hanergy sign turnkey production agreement
Solarmag is very pleased to announce a partnership together with Hanergy for the development of PV solar plants. Hanergy is China’s largest privately owned producer of renewable energy with over 6,000 MW of installed hydro and solar power and more under construction. Hanergy will have an annual photovoltaic solar panel production capacity of 1,000 MW by the end of 2011 and will increase their production capacity up to 2,200 MW in the future. Hanergy also has an extensive R&D department for photovoltaics, fuel cells and related materials awarded with over 200 patents and employs over 100 Ph.D. and master’s degree scientists.
The agreement between Solarmag and Hanergy is for the development and construction of grid connected photovoltaic solar plants situated in different parts of the world. Solarmag will locate the projects and Hanergy will develop each project up to completion and connection to the distribution network. During the development phase Hanergy is responsible for the cost of the construction of each plant using Hanergy equipment and solar panels. Upon construction completion, Hanergy delivers and sells a turnkey plant to Solarmag ready to start producing electricity to the grid. This cooperation will significantly increase Solarmag’s development capacity and will ease the effect on Solarmag’s cash flow during the construction process. In return, Hanergy will be able to significantly increase their sales volume of solar panels through this cooperation agreement with Solarmag. Hanergy and Solarmag will also work together to find new solar energy projects worldwide.
During 2011 Solarmag will, in cooperation with Hanergy, commence a number of developments both in Europe and in the U.S for delivery in 2012.
Solarmag PLC CEO & Chairman Lars- Erik Magnusson said: “I am very pleased that we have reached this cooperation agreement with Hanergy. This will have a very positive effect on Solarmag’s future development programme as the agreement with Hanergy includes that Hanergy will construct and finance the development phase of each solar plant up to completion and until the plant is connected to the distribution network. This means that Solarmag can substantially increase its future development programme as well as start developments this year of solar plants, both in Europe and the USA. This agreement will also make it possible for Solarmag to secure up to 500 MW of development rights in the USA before the end of his year. As a result of this, Solarmag will be able to file the application for up to 500 MW to receive the 30% Federal Grant for these developments between 2012 and end of 2016. The Federal Grant of 30% based on the current development costs of 500 MW has a value of approximately USD 450 million. When realized, this alone represents approximately 1 euro cent a share for Solarmag’s shareholders in additional value over the next coming years.”
Hanergy CEO Jason Chow said: “I am pleased that we have reached this agreement with Solarmag which should substantially increase our sales volume of solar panels. Hanergy will benefit from Solarmag’s experience in Europe and the USA, including the network the management of Solarmag have to find the right projects and promote our product line of solar equipment.“
SOLARMAG PLC
Thomas R. Malthusstraat 3b
1066 JR Amsterdam
The Netherlands
Tel: +31 20 388 0060
Fax: +31 20 669 6508
Email: info@solarmag-plc.com
Website: www.solarmag-plc.com
Disclaimer:
The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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Solarmag is very pleased to announce a partnership together with Hanergy for the development of PV solar plants. Hanergy is China’s largest privately owned producer of renewable energy with over 6,000 MW of installed hydro and solar power and more under construction. Hanergy will have an annual photovoltaic solar panel production capacity of 1,000 MW by the end of 2011 and will increase their production capacity up to 2,200 MW in the future. Hanergy also has an extensive R&D department for photovoltaics, fuel cells and related materials awarded with over 200 patents and employs over 100 Ph.D. and master’s degree scientists.
The agreement between Solarmag and Hanergy is for the development and construction of grid connected photovoltaic solar plants situated in different parts of the world. Solarmag will locate the projects and Hanergy will develop each project up to completion and connection to the distribution network. During the development phase Hanergy is responsible for the cost of the construction of each plant using Hanergy equipment and solar panels. Upon construction completion, Hanergy delivers and sells a turnkey plant to Solarmag ready to start producing electricity to the grid. This cooperation will significantly increase Solarmag’s development capacity and will ease the effect on Solarmag’s cash flow during the construction process. In return, Hanergy will be able to significantly increase their sales volume of solar panels through this cooperation agreement with Solarmag. Hanergy and Solarmag will also work together to find new solar energy projects worldwide.
During 2011 Solarmag will, in cooperation with Hanergy, commence a number of developments both in Europe and in the U.S for delivery in 2012.
Solarmag PLC CEO & Chairman Lars- Erik Magnusson said: “I am very pleased that we have reached this cooperation agreement with Hanergy. This will have a very positive effect on Solarmag’s future development programme as the agreement with Hanergy includes that Hanergy will construct and finance the development phase of each solar plant up to completion and until the plant is connected to the distribution network. This means that Solarmag can substantially increase its future development programme as well as start developments this year of solar plants, both in Europe and the USA. This agreement will also make it possible for Solarmag to secure up to 500 MW of development rights in the USA before the end of his year. As a result of this, Solarmag will be able to file the application for up to 500 MW to receive the 30% Federal Grant for these developments between 2012 and end of 2016. The Federal Grant of 30% based on the current development costs of 500 MW has a value of approximately USD 450 million. When realized, this alone represents approximately 1 euro cent a share for Solarmag’s shareholders in additional value over the next coming years.”
Hanergy CEO Jason Chow said: “I am pleased that we have reached this agreement with Solarmag which should substantially increase our sales volume of solar panels. Hanergy will benefit from Solarmag’s experience in Europe and the USA, including the network the management of Solarmag have to find the right projects and promote our product line of solar equipment.“
SOLARMAG PLC
Thomas R. Malthusstraat 3b
1066 JR Amsterdam
The Netherlands
Tel: +31 20 388 0060
Fax: +31 20 669 6508
Email: info@solarmag-plc.com
Website: www.solarmag-plc.com
Disclaimer:
The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B1FJK646">http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B1FJK646</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.