Solar Millennium AG : Insolvency proceedings initiated for Solar Millennium AG

2012-02-28

Erlangen, 28 February 2012 - The Amtsgericht [Local Court of] Fürth initiated the insolvency proceedings for Solar Millennium AG on Tuesday. The court appointed Volker Böhm, lawyer from Nuremberg, as insolvency administrator. He had already been appointed interim insolvency administrator last December. Upon the initiation of insolvency proceedings, Mr. Böhm assumes power of administration and disposal from the former Company organs.

The search for investors for the Company will continue. The insolvency administrator still sees takeover opportunities for the Flagsol GmbH subsidiary in Cologne and some of the Spanish power plant projects, particularly Arenales. Apparently investors are also interested in taking over Solar Millennium AG as a whole, although the prospects of success are highly uncertain in this respect. Therefore, the Company's remaining staff of about 40 received a notice of termination on Tuesday.

The Amtsgericht appointed a creditors' committee of inspection. The first creditors' meeting is scheduled to take place on 15 May 2012.

About Solar Millennium AG:

Solar Millennium AG (ISIN DE0007218406), Erlangen, is a company that operates globally in the renewable energy sector, with its main focus on solar power plants. Together with its subsidiaries and associates, the Company specializes in solar-thermal power plants, particularly parabolic trough plants.

The Company covers all important business sectors along the value chain for solar power plants: from project velopment and financing to technology and the turnkey construction and operation of power plants. Solar Millennium realized Europe's first parabolic trough power plants in Spain as well as the first morn parabolic trough solar field in Egypt.

Contact:

Solar Millennium AG

Corporate Communications: presse@SolarMillennium.
Phone: [phone]

Schultze&Braun

Mail: Presse@schubra., Phone: [phone]