SOLON SE reports payment of all receivables from the Spanish project business

Berlin, (PresseBox) - The receipt of an additional €34 million represents the complete payment of the outstanding receivables from the projects implemented in Spain in 2008. As a result, operating cash flow has improved further. The payments from Spain further increased available cash and undrawn credit facilities. The company's current liabilities to banks were further reduced slightly and currently stand at approx. €180 million.

As expected, operating activities are proving to be robust in the current quarter. To meet the high demand for solar modules, in particular from German customers, SOLON's production is currently at full capacity in the two German production sites in Berlin and Greifswald. Based on preliminary calculations, revenue in the months of October and November has already surpassed the third quarter of 2009.

The strong demand, especially in the components business, is expected to continue even beyond the New Year. As a sign of this, reservations for SOLON modules already exceed 30 MWp for the first quarter of 2010, and the project pipeline in system technology has filled further in recent weeks. It currently encompasses projects of a scope exceeding 70 MWp for 2010. In light of this order backlog, the company's Management Board reaffirms its goal for 2010 of achieving a double digit growth in Group revenue and a breakeven Group operating result.

SOLON SE

SOLON SE is one of the largest manufacturers of solar modules in Europe as well as a supplier of solar system technology for largescale rooftop and greenfield installations. The SOLON Group has subsidiaries in Germany, Austria, Italy, Switzerland, and the U.S. and employs some 900 people worldwide. SOLON's core business is producing solar modules and photovoltaic systems along with planning and constructing large rooftop installations and turnkey solar power plants all over the world.

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