NANJING, China, Jan. 8 /PRNewswire-Asia/ -- ET Solar Group Corp. ("ET Solar"), a Nanjing-based PV system turnkey solution service provider and integrated manufacturer of downstream PV products announced completion and grid connection of a 1.48MW ground mounted PV power plant where ET Solar acted as the EPC contractor.
ET Solar's German engineer team provided full design for the project with PV modules provided by ET Solar's China manufacturing plant. Assessed by a third party German consulting firm, the plant's designed efficiency is almost 82%.
The project is located in the Paehl region that is approximately 50 kilometers south of Munich. Main construction work started in late November 2009 and grid connection was done in mid December the same year at E.ON, the largest grid operator in Germany.
The plant has a 30-year designed life and is expected to generate approximately 32 million kWhs of electricity over the 20-year subsidized period to reduce almost 20,000 tons of carbon emissions.
Wattner AG ("Wattner"), a Cologne based investment trust that is specialized in renewable energy investments, is the sole equity investor of the project via its publicly raised SunAsset fund. Project finance was provided by a syndicate of two regional German savings banks.
Dennis She, Vice President and Chief Sales Officer of ET Solar, commented "We are very excited with the completion of this project and our partnership with Wattner. The transaction showcases our strong ability to execute our downstream strategy leveraging our EPC experience, product quality and cost advantages."
Guido Ingwer, Managing Partner, commented "The project opens 2010 strongly for Wattner and paves the way for future collaboration between Wattner and ET Solar. With our robust project pipeline, we very much look to replicate our Paehl success with ET Solar throughout Germany."
About ET Solar:
ET Solar is a vertically integrated downstream solar power products manufacturer and turnkey solutions service provider. With local sales and marketing subsidiaries and offices in Asia, Europe, and North America, ET Solar has provided solar modules, solar tracking systems and turnkey solutions services to its customers in over 40 countries.
About Wattner:
Wattner structures projects financially, raises project equity and debt, arranges preliminary financing and engages into project controlling during the project realization and operation phases. Its wholly owned subsidiaries are Wattner Connect GmbH and Wattner Projektentwicklungsgesellschaft mbH.
