Jersey, 17 July 2008
MIP has obtained two new projects in Italy and Poland
Yesterday, Meinl International Power Ltd. (MIP) agreed with Phoenix Solar AG, a specialist in photovoltaic systems, on a project for the design and turn-key construction of photovoltaic power stations of a peak output of altogether 14 MW. The power stations, each of which will have a peak output of about 1 MW, are to be built at various sites in Sicily up to the end of 2009. The project is the first solar investment made by MIP in the Italian market. Phoenix Solar AG will contribute operations and maintenance of the power plants, while Global Energy Invest GmbH will be the partner for project development.
The Italian photovoltaic market is considered one of the most promising growth markets in Europe. Already for this year the Italian Solar Association GIFI expects the market volume to grow to 150 MW (against 60 MW in the past year). For 2009, expectations are that the market will double to more than 300 MW, achieving growth rates that are substantially above those of the German market.
Wind farm project in Poland
In addition, MIP secured a project involving the development of a wind farm near Szczecin (Stettin) in Poland. Once it goes on line in 2010, the project will deliver an installed capacity of 28 MW. The development project involves an extension to a wind farm currently under construction and is at present in its approval stage. The local partner and developer of the wind farm will continue to hold a 20% stake in the wind farm company. The total investment volume is budgeted at € 45-49 million.
Like many other EU member states, Poland has implemented a funding scheme for electricity from wind power. The system is based on the free trading of “green certificates” granted for electricity from wind power. At present it provides for a grid delivery compensation of about 10 eurocents per kWhr.
Hans Haider, Chairman of MIP, notes: “Within a single year we have become involved in the financing of eleven projects. We are committed to our target of full investment by mid 2009. Another ten projects are currently in their intense evaluation phase.”
For further questions please contact:
iroffice@meinlpower.com
