ET Solar has completed and connected to the grid its 1.48MW ground mounted PV power plant located in the Paehl region, approximately 50km south of Munich. The plant is expected to generate approximately 32 million kWhs of electricity over a 20-year subsidized period.
The main construction work on the plant began in November 2009. By the end of the year the project was complete and connected to the grid at E.ON, the largest grid operator in Germany. The company’s China-based manufacturing plant provided the modules for the project which was fully designed by ET Solar’s German engineer team. The development has been assessed by a third party German consulting firm, which claims that the plant’s designed efficiency is almost 82%.
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Dennis She, vice president and chief sales officer of ET Solar, said, “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, said, “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.”
Wattner, the Cologne based investment trust specialized in renewable energy investments, is the sole equity investor of the project via its publicly raised SunAsset fund. A syndicate of two regional German savings banks provided project finance.