Share this page
Print this page:
Add this page to:
German firms target US solar market
18/08/09
A new company formed by the German solar thermal firm Solar Millennium and plant builder MAN Ferrostaal is to attempt to become a major player in US power generation.Solar Trust of America was formed by the acquisition of Solar Millennium and MAN Ferrostaal by Solar Millennium's US division, Reuters reports.
Its chief executive, Uwe Schmidt, told the news service that the new entity aims to corner 20% of the American market for sold thermal energy or concentrating solar power (CSP).
CSP plants differ from photovoltaic solar panels because instead of using sunlight to create electricity, they use solar heat to create steam, which turns a turbine to generate power.
Mr Schmidt said the company is expected to become a "major player" because its technology has proven itself over 25 years, which should make it easier to attract investors.
As part of the deal, Solar Trust has acquired agreements to build two CSP plants for energy supplier Southern California Edison.
It has a memorandum of understanding for a further plant in Nevada, as well as plans to develop five other sites in the south-west United States.
Each Solar Trust plant requires around $1 billion (£609 million) in investment and over 800 builders and other tradesmen are employed in their construction. The plants create around 100 permanent jobs.
