First Solar Secures Financing For 53 MW Plant In Germany

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First Solar Inc. and juwi Holding AG today have secured financing for a 53 MW photovoltaic power plant near Cottbus, Germany.

More than 80% of the required project capital was financed through nonrecourse debt from a consortium of banks. First Solar and juwi intend to sell the majority of the project after its completion. Construction of the project began in January 2009, and the first 15 MW have been completed. The remaining 38 MW are scheduled to be completed by the end of 2009.

The project is being constructed on 162 hectares of land that is part of the Soviet Army's former 26,000 hectare Lieberose training area north of Cottbus in eastern Germany. According to the companies, the project's low cost enables the required return to fund an attractive land lease for the state of Brandenburg. The lease, in turn, finances the environmental cleanup of this former military zone, which is littered with tons of land mines, grenades and other munitions.

SOURCE: First Solar

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