June 8, 2009

Munich, Germany: New Partners Found for Solar Cell Manufacturing Plant

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) have been 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 finalized last week 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 also 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.

Further details about: Centrosolar