Solar Industries AG, a portfolio company of New Value AG (SWX: NEWN), api nòva energia S.r.l. and Silicio Engineering S.r.l. have joined forces to set up a plant for the production of polysilicon in Italy for photovoltaic (PV) applications.
In addition, Solar Industries and its strategic partner MX Group S.p.A. founded Solarcell S.p.A., which will build a crystalline silicon solar cells production facility in Italy. Solarcell will have a production capacity of 67 MWp per year
The joint venture agreement provides for the incorporation of a new company, Italsilicon S.p.A., which will carry out the construction of the manufacturing plant and the business activity of producing and selling polysilicon.
The plant will have a final production capacity of 2,500 tons/year, equivalent to approximately 250 MWp of module power. The production is scheduled to begin early 2010.
Each of api nòva energia and Solar Industries AG will own 41.5% of the new company while Silicio Engineering (Mailand: ENG.MI) will own the remaining 17%. Furthermore, api nòva energia, Silicio Engineering, and Solar Industries have scouted for technical partners to assist Italsilicon in the basic and detailed process and manufacture engineering of the plant.
The financing of Italsilicon will be a mix of shareholders equity, bank loans and soft loans from local authorities. Majority stake in Solarcell S.p.A.
The Solarcell production facility will be located in the technology park of Vimercate (Milano). Production is expected to start in 2009 with a capacity of 33 MW and will be increased to 67 MW during 2010. The technology–in form of turn key solutions–will be provided by Centrotherm AG.
Solarcell said it has signed a contract with a renowned Chinese energy company for the supply of 675 MWp of silicon wafers over the period 2008-2015.
Rolf Wägli, Chairman of New Value, said "Demand for PV applications in Italy has been booming following the introduction of Conto Energia, a feed in tariff incentive scheme for PV systems. Since PV production is quasi non-existent in Italy so far, we see great opportunities for Solar Industries."
About Solar Industries AG
Solar Industries AG is a Swiss industrial company with the mission to build up operations in the entire value chain of the photovoltaic manufacturing industry in Europe. Major shareholders include New Value with a stake of 31.3%, Ernst Goehner Foundation and Corisol Holding, a Swiss family office.
About api nòva energia
api nòva energia S.r.l., belongs to the Italian api group, active in the production and trading of energy from renewable and traditional (natural gas) sources. api nòva energia is currently among the leading companies in the ‘green energy’ production sector in Italy and relies on over seventy years of entrepreneurship experience of Brachetti Peretti family in the oil & energy sector. The company develops, builds and operates energy production plants using the most efficient and innovative technologies on the market. Among a number of partnerships, in 2007 api nòva energia signed off an agreement for approximately 350 MW wind farms in Sicily and Puglia with the Spanish Iberdrola, a global leader in the renewable energy sector.
api nòva energia is active in photovoltaic, with multi-megawatt plants under development and construction and aims to becoming one of the most prominent players in this sector in Italy. For more information, please visit the company website at www.apinovaenergia.com.
About Silicio Egineering
Silicio Egineering S.r.l. is the promoter of the Italsilicon project. The company has been incorporated in 2006 with the purposes of structuring the project, assessing its feasibility, particularly with regards to the engineering and the technology necessary to the construction of the plant, as well as performing business and market analysis. The majority shareholder of Silicio Engineering is MX Group. a company active in the photovoltaic manufacturing industry and in the Engineering, Procurement and Construction (EPC) of photovoltaic plants. MX Group. is also the strategic partner of Solar Industries. For more information, please visit the company website at www.mxgroup.it.
About New Value
New Value, listed on the SWX Swiss Exchange, invests directly in up-and-coming private companies from Switzerland and other German-speaking areas, with above-average market and growth potential. As an investment company, New Value encourages innovative business models using venture capital, and provides them with support until success on the market is achieved. The portfolio includes companies of different degrees of maturity, all the way from market launch up through their establishment as medium-sized operations with stable profits. A conscious choice has been made to adopt a broad-based approach. The portfolio has companies representing the areas of renewable energy, medical technology, health, information technology and new materials. In selecting its holdings, New Value sets great store on ethical business concepts and good corporate governance. Criteria such as being meaningful, socially responsible and economically sustainable are regarded by New Value as decisive competitive advantages, having the effect of promoting the quality of products and services offered and thereby making above-average performance potential possible.
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