Masdar PV signs letter of intent with Parabel AG for delivery of more than 50 MWp PV modules

Erfurt, (PresseBox) - Masdar PV GmbH, producer of large-scale PV modules, has signed a letter of intent for the delivery of silicon based thin-film modules with Parabel AG, a leading and innovative system integrator company for both green-field and rooftop solar power plants as well as a technology leader in the area of large solar heat installations. In a first step the agreement comprises the supply of more than 50 MWp PV modules until 2011, starting with Masdar's production ramp up in 2009.

Joachim Nell, Masdar PV's COO and CMO, is excited about yet another successful partnership: "We have proven once again that our technologically leading thin film PV modules with their excellent cost-performance ratio definitely fulfill market needs. By gaining Parabel as our new customer we will be able to further increase our market share". Just recently, Masdar PV was able to sign a binding agreement with COLEXON Energy AG.

"We are seizing the chance to join forces and create a lasting strategic partnership with a renowned company as Masdar PV. As a highly-experienced system integrator we see a huge market potential for Masdar's thin film-modules", states Holger Ruletzki, CTO at Parabel AG. The final off-take agreement is expected to be signed at the World Future Energy Summit taking place in Abu Dhabi from January 19 - 21, 2009.

About Parabel AG

The Parabel Corporation established as Parabel Inc. by today's management board members Holger Ruletzki and Juergen Will has dealt with renewable energy sources since it started business in 1992. It has set its focus on Photovoltaic issues. The Berlin Head Office coordinates photovoltaic power plant projects all over Europe and has been specialised in the thin film (technique) for three years. Parabel's own adhesive system protected by patent was especially developed for flat roofs. Parabel is planning to expand in the near future by choosing exclusive distribution partners and suppliers.

Masdar PV GmbH

Masdar PV GmbH is a leading global developer of advanced thin-film photovoltaic products and solutions. It aims to become a top-3 global thin-film PV company by 2013, starting with 210 MWp of production at plants in Germany and Abu Dhabi, UAE. Masdar PV GmbH is a 100% subsidiary of Abu Dhabi Future Energy Company (ADFEC), and is part of the Masdar Initiative, Abu Dhabi’s multi-faceted, multi-billion dollar investment in the development and commercialization of innovative technologies in renewable energy and sustainability. ADFEC is wholly owned by the government of Abu Dhabi through the Mubadala Development Company. In January 2008, Abu Dhabi announced it will invest $15 billion in Masdar, the largest single government investment of its kind.

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