Cologne/Nanjing – The Wattner Group of Cologne, Germany, an initiator of closed-end energy and infrastructure funds, is commencing investments with its solar construction fund Wattner SunAsset 1. At the same time, Wattner concludes a master agreement for the turn-key construction of solar power plants with ET Solar Group, a Chinese solar conglomerate based in Nanjing and a green energy sponsor to the Olympic Games 2008 in Beijing.

Under the agreement, the ET Solutions AG will deliver solar installations to Wattner worth 200 million EUR. The solar power plants will be realized primarily in Southern Europe within the next 5 years. ET Solutions AG is a wholly owned subsidiary of ET Solar Group Corp in Nanjing, China.

Wattner procures solar power plants turnkey with an annual volume of at least 20 million EUR adding up to a total power of 50 MWp throughout the life span of the contract. This power is sufficient to light up 15,000 households. “Wattner opted for ET Solar because we possess the unique combination of profound manufacturing experience and in-depth EPC knowledge (Engineering- Procurement- Construction). The cooperation with investment partners such as Wattner is key for our development and expansion plans in international markets” says Xinghua Wang, Chairman & Chief Executive Officer of ET Solar.

The contract with Wattner covers the complete lifespan of the solar construction fund Wattner SunAsset 1. This publically raised fund has now also made its first investment decision with the “Solarpark Penig”, an installation with ca. 12,000 solar panels. “The site, near the municipality of Penig in Saxony, Germany, and the size of the project is ideal considering the ongoing placement of Wattner SunAsset 1”, says Ulrich Uhlenhut, Managing Director of Wattner AG. The solar park in Penig will have a total power of 1.48 Megawatt with an annual yield of 1.500 kilowatt-hours.

ABOUT ET SOLAR

ET Solar is an integrated solar component manufacturer and a solar power turnkey provider. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The company's diversified products range from mono- and multicrystalline ingots, silicon wafers, modules, dual-axis tracker systems to BIVP products. ET Solar maintains an extensive global distribution and service network has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy, Spain and Korea ensure our products are readily accessible in the world's major solar markets. With a concerted effort to supply our customers with tailor-made modules for customer specific requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.


ABOUT WATTNER

Wattner AG conceives and finances solar renewable energy projects. The company structures projects financially, raises project equity and debt, arranges preliminary financing and engages into project controlling during the project realization and operation phases. Managing Director is Ulrich Uhlenhut. Wholly owned subsidiaries are Wattner Kapital AG and Wattner Projektentwicklungsgesellschaft mbH. The Wattner group realized solar installations of more than 38 million EUR between 2004 and 2008.

(Source: Wattner AG)