DGAP-Adhoc: Centrosolar Group AG: New partner found for continuation of Itarion solar cell company

Centrosolar Group AG / Alliance

05.06.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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 Agreement reached on continuation with consortium including
Portuguese energy group EDP
 New plant scheduled to start production in 1st quarter of 2010

Munich, June 5, 2009. With the support of the Portuguese state,
CENTROSOLAR's negotiations with financing banks and a new partner for the
planned cell plant located near Porto (Portugal) were today brought to a
successful conclusion. This clears the way for the transfer of a 51%
interest from Qimonda to the new investor. The continuation of Itarion
Solar and the development of the new plant are thus assured. The opening of
the first solar cell plant in Portugal is scheduled for the first quarter
of 2010.

The new partner is a consortium comprising the Portuguese energy group
Energias de Portugal (EDP), the state investment company Inovcapital, the
banks Banco Espírito Santo, Banco Comercial Português and Banco Privado
Atlântico, as well as the project developer DST Renováveis and the
Visabeira Group, which is active in infrastructure industries. The key
features of the future partnership between CENTROSOLAR Group AG, which
holds a 49% interest, and the consortium, which had previously been in
negotiations with Qimonda about the remaining 51% interest, were finalised
today together with the financing banks. CENTROSOLAR Group AG, which had
been involved in the search for a new partner since the start of the year,
welcomes the new development. The consortium constitutes a reliable partner
that has already established excellent contacts with the Iberian and even
African markets. With the new, financially strong partner on board, the
investment can now be completed successfully. A technology team with ample
experience in semiconductor manufacturing and photovoltaic, recruited in
part from the former joint venture partner Qimonda, has already been set up
since the start of the year. This experienced technology team and the
superior cost positions means that Itarion represents an attractive
investment for all parties concerned. The CENTROSOLAR Group will be able to
meet approximately one-third of its demand for solar cells through Itarion,
on attractive terms. The company will moreover be able to absorb cyclical
fluctuations in the market much more easily, in particular providing
greater planning certainty for the rapidly growing area of project business
for large commercial roof systems.



Georg Biekehör, MetaCom Corporate Communications GmbH
Tel.: +49 6181 9828030
e-mail: g.biekehoer@go-metacom.de



DGAP 05.06.2009 
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Language:     English
Issuer:       Centrosolar Group AG
              Walter-Gropius-Str. 15
              80807 München
              Deutschland
Phone:        +49 (0)89 20 1800
Fax:          +49 (0)89 20 180 555
E-mail:       info@centrosolar.com
Internet:     www.centrosolar.com
ISIN:         DE0005148506
WKN:          514850
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, München, Düsseldorf, Stuttgart
 
End of News                                     DGAP News-Service
 
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