Press release

Further consolidation of market position in project business: SYSTAIC reaches agreement with KGAL on takeover of several solar power plants

KGAL (KG Allgemeine Leasing GmbH & Co.) and solar technology company systaic AG have reached an agreement on the takeover of a power plant portfolio. The usual in-depth analysis is due to be completed in the current quarter. The photovoltaic plants have a total output of approx. 32 megawatt peak. In addition to the already announced projects in Sardinia the portfolio also includes photovoltaic power plants in Spain. The total investment volume amounts to more than € 150 million.

“Sustainable investment opportunities in solar parks are in high demand from the investor side,” explains Dr Klaus Wolf, Member of the Management Board of KGAL. “So we are pleased to have systaic AG as an extremely reliable partner in this field which has repeatedly demonstrated its ability to complete technically outstanding photovoltaic plants within the given deadline."

The agreement encompasses solar power plants of the SYSTAIC Group which have already been finalised and others currently under construction, to be completed in the coming year. The current agreement is a continuation of the cooperation with KGAL which began last year with the sale of several photovoltaic power plants in Spain.

“We are delighted at the opportunity to cooperate once again with KGAL in the field of solar power plants,” says Michael Pack, CEO of systaic AG. “The agreement with this renowned and leading European financial service provider covers a major part of our sales planning until the end of 2009. In addition, KGAL has taken an option on further power plant projects to be constructed by us. We view this as recognition of our professionalism in the solar power plant business together with our subsidiary Enerparc. Due to a strong network with international project development partners we have a full order pipeline for 2010, leading us to expect further profitable growth.”