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12
June
2012

aleo solar closes plant in Spain

aleo solar AG will close its plant in the Spanish village of Santa Maria de Palautordera by the end of this year, at the latest. The Supervisory Board of aleo solar AG has approved the corresponding decision of the Management Board.
“Against the background of global overcapacity and ongoing price war on the photovoltaic market, the ultimate objective is to utilise our capacity of 280 megawatts in Prenzlau. We have to concentrate the production of aleo modules at our main plant”, says York zu Putlitz, Chief Executive Officer and Chief Financial Officer of aleo solar AG.

The 92 employees of Santa Maria de Palautordera plant are affected by the closure of this location. The company shall immediately approach the works council to negotiate a social compensation plan for the employees. “I regret that the company can no longer employ the workers in Spain”, says zu Putlitz. “The only alternative to closure would have been a substantial increase in the capacity at Santa Maria de Palautordera.”

This could not have been implemented economically due to the global overcapacity in module production. The plant in Spain has a production capacity of about 20 megawatts. The Spanish photovoltaic market, which had already collapsed in 2009, has come to a complete standstill since the Moratorium for Renewable Energy Incentive Programmes of January 2012.

aleo solar AG has registered an EBIT of € -30.5 million in 2011, and loss is also expected for 2012.
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