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Munich, 16 May 2000

 P r e s s R e l e a s e

 

Siemens Solar agree on pioneering sales cooperation in Germany

Wüstenrot and Siemens Solar – a joint venture of Siemens AG and Bayernwerk AG – have reached a unique agreement in the area of solar electricity. Its objective is to offer customers a full-range service, from in-formation, through questions on building regulations and promotional schemes via tailor-made financing to selection of the solar power plant. Siemens Solar's authorized dealers look after the correct planning and in- stallation of the equipment. Wüstenrot's field service partners support the private building owners in all financial matters.

With the complete service provided by Wüstenrot and Siemens Solar the customer can also use the low-interest credit offered by the Kreditanstalt für Wiederaufbau (KfW) which will be granted as part of the German Federal Government's 100,000 rooftops program. We are pleased to say that the new conditions just concluded for the KfW special program for private installations remain extremely attractive. Special insurance offers from Württembergische Versicherung, an insurance company merged with Wüstenrot, complete the range of products available for solar roofs from the two partners.

However building owners can also count on another type of sponsorship. They are paid for the electricity generated that they feed into the public grid at a rate of 99 Pfennigs per kilowatt hour – and this arrangement lasts for 20 years. This means that not only are the owners making a contribution to the environment, they are also deriving an economic benefit from their efforts. The plant lifetime of 25 years and the attractive promotional conditions make their investment worthwhile. Solar power plants are suitable for new buildings and existing buildings. Installing a solar plant on an existing building does not generally require any conversion work, it can be undertaken by explicit individual measures.

The interest of building owners in environmentally-friendly energy has increased enormously with the enactment of the renewable energy law in April 2000. This sales cooperation between the large German construction finance company and the country's leading photovoltaic company is a reaction to this dynamically growing demand. Wüstenrot has a country-wide sales network and will be in-cluding Siemens Solar power installations in its financial services consultancy. Solar power installations convert sunlight directly into electricity. Siemens Solar has more than 30 years of experience in this area. To date, the company has supplied solar cells with an output of almost 200 megawatts - far more than any other company.

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