ET Solar Group Announces 50MW Turnkey Solution Agreement With Wattner AG

September 01, 2008 by Jeff Shepard

ET Solar Group Corp., a Nanjing-based solar power solution provider and integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced a master agreement for the turn-key construction of solar power plants for Wattner Group, a German initiator of closed-end energy and infrastructure funds.

Under the agreement, ET Solutions AG, the solar power solution arm of ET Solar, will deliver solar installations to Wattner worth of &Euro;200 million. The solar power plants will be realized primarily in Southern Europe within the next 5 years. Wattner procures solar power plants turnkey with an annual volume of at least &Euro;20 million 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," said Xinghua Wang, Chairman & Chief Executive Officer of ET Solar.

The agreement covers the complete lifespan of the solar construction fund Wattner SunAsset 1. This publicly 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," said Ulrich Uhlenhut, Managing Director of Wattner AG.