SOLON SE to enter the Israeli market via cooperation with Pretium Renewable Energy Ltd.
Berlin, September 29, 2009. SOLON SE has signed an agreement with Israeli company Pretium Renewable Energy Ltd. aimed at cooperating in the Israeli photovoltaic market. This strategic move is intended to capitalize on the attractive feed-in tariffs for greenfield solar power plants that are expected to be introduced shortly.
Under the cooperation agreement, the two companies will jointly implement large-scale greenfield installations, predominantly in the southern part of the country. Pretium will be in charge of project development and financing, and SOLON will carry out construction of the turnkey power plants. Various locations are already being evaluated, with implementation of the initial projects expected for 2010. At the new installations, single-axis photovoltaic tracking systems (SOLON Single Axis) will be used primarily. These are particularly suited to erecting large-scale power plants on level sites under the geographic conditions in Israel.
Pretium will also represent and promote Solon's EPC services in Israel and together the parties will offer a unique whole solution for renewable energy investors willing to participate in the Israeli photovoltaic market.
The announced expansion of the existing feed-in tariff for rooftop installations on large-scale greenfield installations with an installed capacity of up to 5 MWp opens up major market potential in Israel. The agreement with Pretium - a locally established partner with outstanding connections - puts SOLON in an excellent position to move into the Israeli market for large-scale greenfield installations.
About Pretium Renewable Energy Ltd.:
Pretium Renewable Energy Ltd. is part of the Pretium Group Ltd., an Israeli investment and business development undertaking. The company's founders, Avraham Albo, Oded Nagar, and Gil Hod, have many years of experience in the investment and financing fields and a strong local network at their disposal.
About SOLON SE:
SOLON SE is one of the largest solar module manufacturers in Europe and a supplier of solar power plants. The SOLON group is represented by subsidiaries in Germany, Austria, Italy, Switzerland and the USA and employs around 900 people globally. SOLON's core business is the production of solar modules and photovoltaic systems, and the construction of turnkey solar power plants around the world.