EPURON signs 105 million euros of framework funding for photovoltaic projects

- Financing of large scale projects in Germany and Italy with a total output of up to 28 megawatts

- Cutting edge position among European project developers and financers

Hamburg, July 03, 2007: EPURON GmbH, a subsidiary of the listed company Conergy AG, announced a 105 million euros framework funding agreement for photovoltaic projects. The contract was signed with a major German bank and guarantees the construction of solar power plants with a total output of up to 28 megawatts. Last November EPURON already agreed to the framework funding of Spanish photovoltaic projects that amounted to 394 million euros.

EPURON is planning to construct solar parks in Germany with a total output of at least 15 megawatts by the end of the year. The appropriate module selections are already secured. About half of the financed projects are completed or under construction while further sites in southern Germany are in advanced planning stages. Additional financing of projects in Italy with up to three megawatts are also guaranteed through this contract. Among these projects, three plants are being developed with a total output of around one megawatt.

"Germany is the global photovoltaic market leader and continues to have significant potential for expansion. We see this especially in the area of free-field plants. The concluded credit line allows us to quickly implement our projects and is thus crucial to advance our growth objectives”, explained Joachim Mueller, managing director at EPURON and responsible for project financing. "Since our company was founded, we have completed solar projects with a total output of over 43 megawatts in Germany alone. Besides our commitment in Germany, we are pushing to realize projects in promising foreign markets that are in line with our 50-50-08 strategy. With our current activities in Spain, Italy and Greece, we are building up our position in Europe as the leading project developer and financier of large scale solar power plants", said Joachim Mueller.

Photovoltaic projects with a total output of around 110 megawatts are being planned worldwide. Projects with crystalline cells as well as projects on thin-film are being carried out depending upon conditions of the location. The thin-film modules are ensured via long-term contracts. Starting in the second half of 2007, EPURON will purchase crystalline modules from Conergy AG, which is currently building one of the most advanced solar plants in the world. The plant is located in Frankfurt (Oder) and will have an annual production of 250 MW.