SunTechnics builds South Korea

Hamburg/Seoul, October 17, 2005: SunTechnics is awarded the contract for the turnkey installation of the largest solar power plant in South Korea. Thanks to a total peak performance of 1.2 megawatts, the plant built on a closed landfill site located southwest of Seoul will provide more than 300 households with environmentally-friendly electricity from the sun in future. The plant will be constructed with its partner company Korea Cottrell Co., Ltd., a traditional Korean company. Since its foundation in 1973 Korea Cottrell is specializing in design, engineering and manufacture of environmental systems for large energy companies, and steel or chemical corporations in Asia.

Start of construction is set for the beginning of November; the plant is supposed to come on stream yet this year. South Korea is among the world’s most promising solar-energy growth markets. Due to its lack of raw materials, and in order to moderate the tiger economy’s high dependence on oil imports, the South Korean government has put together an attractive market incentive program to develop renewable energies. As in Germany, the construction of solar energy plants are supported with low-interest loans and each kilowatt-hour of solar energy that is fed into the public network is credited with the equivalent of 58.0 euro cents guaranteed for 15 years.

This landmark pilot project for South Korea is just the beginning for long-term cooperation in the construction of solar plants for Korea Cottrell and SunTechnics. CEO Tae Young Lee remarked on the reasons for deciding to cooperate, “Having SunTechnics at our side, we know we are working with the world’s most experienced solar-energy system provider by far. Pooling our engineering expertise in the energy and environment industries makes extensive growth potential possible for us in one of the key technologies for the supply of energy in South Korea.”

In 2005, SunTechnics will install new photovoltaic plants with a total peak output of around 60 megawatts for their customers on four continents. In comparison to previous year this corresponds approximately to a doubling and makes SunTechnics the world’s leading solar energy system provider. “The South Korean solar project, unique in its dimension, is the ideal springboard for us to grow into the market leader for South Korea as well,” Stefan Müller, head of SunTechnics for the Asia-Pacific region, commented on the large order. In addition to establishing itself in the Asian market, SunTechnics is also currently putting initial projects in Australia and the USA into effect. For further information you can go to http://www.SunTechnics.de


For questions to the editor:

SunTechnics GmbH
Andrea Löffler
Manager Public Relations
Anckelmannsplatz 1
20537 Hamburg

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