May 2013

In December 2012, ABB, a global leader in power and automation technologies and strategic shareholder in Novatec Solar, announced the strategic decision to discontinue certain parts of its EPC business. The business model with Novatec delivering the solar boiler technology and ABB being responsible for the conventional power plant engineering and construction, was part of this EPC business (for detailed information, please refer to ABB press release mentioned below).

As a consequence of this strategic decision, in April 2013, the shareholders in Novatec Solar have signed a share purchase agreement and Transfield Holdings, the majority shareholder in Novatec since 2007, has acquired all shares from ABB. Today, Transfield holds about 85% of the shares in Novatec Solar.

In addition to the changes on shareholder level, we also advise the following changes on management board level: Hans Fischer will retire as management board member effective 30th June 2013. Furthermore, Gerhard Hautmann, one of the founding members, has resigned as management board member effective 30th April 2013. Gerhard Hautmann will remain shareholder of Novatec Solar, represented by the company MGM.

Contact:
Jutta Glänzel
Tel: +49 1622857 221
jutta.glaenzel@novatecsolar.com

» ABB press release: ABB repositions Power Systems division to drive higher returns