PV CIStems established to accelerate CIS thin-film project development and deployment

MUNICH & TOKYO, March 15th, 2012 – Germany-based Belectric and Japan-based Solar Frontier, the world's largest solar EPC and the world's largest manufacturer of CIS thin-film solar modules, have announced they have formed a new joint venture company, PV CIStems GmbH & Co. KG. The company will develop, build and sell both ground- and roof-mounted photovoltaic power plants. By combining Belectric's profound EPC and project development experience with Solar Frontier's deep panel know-how, PV CIStems offers customers worldwide turnkey solutions using high quality components for cost-efficient solar power generation. PV CIStems is the result of a global framework agreement to establish a deeper working relationship between Belectric and Solar Frontier as the two companies strive to continue providing clean, affordable and grid-stabilizing solar energy through lower systems and maintenance costs. Belectric and Solar Frontier are building on and accelerating the model of development and deployment created by the two companies in previous successful projects.

"Our successful projects with Solar Frontier, ranging from ground-mounted power plants in Bessan, France, and Wildflecken, Germany, to the world's largest PV system on a car park at the new Saudi Aramco headquarters, Saudi Arabia, have convinced Belectric to take this next step," said Martin Zembsch, CSO of Belectric. "The new company will strengthen our approach to new projects with respect to total power generation solutions while accelerating our competitive response and delivery capability. The essential anchors are the reliability and performance of Solar Frontier's Japan-made modules," adds Bernhard Beck, CEO of Belectric.

"This new joint venture not only combines extensive experience of leading EPC Belectric with our deep know-how as the largest CIS manufacturer, but also benefits from synergies in terms of market coverage," added Wolfgang Lange, Managing Director, Solar Frontier Europe. "Another key factor for our decision was the great team at Belectric, who have exactly the right entrepreneurial spirit to further this alliance together with Solar Frontier."

"The significance of this milestone is all the greater for the level of experience and expertise that Belectric brings to the joint venture," said Solar Frontier Director, Senior Vice President, Atsuhiko Hirano. "With more than 700 MW installed since 2010, from residential to utility scale, in a wide range of climates, configurations, and technologies, Belectric's confidence in Solar Frontier confirms the strong performance of our CIS modules within energy solutions."

PV CIStems GmbH, the first operating company under the global framework agreement between Belectric and Solar Frontier, will be headquartered in Gruenwald near Munich, Germany, and will operate in Germany. Future PV CIStems operating companies in other countries are expected to be established in response to local market needs and in accordance with local regulations. The management board of the new company will have equal representation of both parent companies and consists of Bernhard Beck, Martin Zembsch, Atsuhiko Hirano and Wolfgang Lange.

The operation will start after successful clearance by cartel approval authorities.

About BELECTRIC

Belectric is the global market leader for the development and construction of ground-mounted solar power plants and roof-mounted photovoltaic systems (EPC). At Belectric, engineers and project developers conduct interdisciplinary research in all areas of solar technology and develop innovative system technology that forms the basis for the environmentally friendly power supply of the future. The photovoltaic systems are realized in-house – from planning and construction through to operation. Alongside solar power generation Belectric Drive® concentrates on the combination of photovoltaics and e-mobility. Further information can be found at www.Belectric.com.

About Solar Frontier

Solar Frontier K.K., a 100% subsidiary of Showa Shell Sekiyu K.K. (TYO:5002) ("Solar Frontier"), has a mission to create the most economical, ecological solar energy solutions on Earth. Building on a legacy of work in solar energy since the 1970s, Solar Frontier today develops and manufactures CIS (denoting copper, indium, selenium) thin-film solar modules for customers in all sectors around the world. Solar Frontier's gigawatt-scale production facilities in Miyazaki, Japan, integrate compelling economical and ecological advantages into every module: from lower energy requirements in manufacturing to the higher overall output (kWh) of CIS in real operating conditions. Solar Frontier is headquartered in Tokyo, with offices in Europe, the U.S.A., and the Middle East. Visit www.solar-frontier.com for more information.