Solar Trust of America Enters into Long Term Agreement with Uwe T. Schmidt as Chairman and CEO

CLEVELAND & OAKLAND, Calif.--(BUSINESS WIRE)-- Solar Trust of America, LLC (Solar Trust), an integrated industrial solar solutions company, today announced that it has entered into a five-year employment agreement with Uwe T. Schmidt as the Company’s Chief Executive Officer. Mr. Schmidt also serves as Chairman of the Board of Directors.

Schmidt, who was instrumental in the foundation of Solar Trust in 2009, said, “The most exciting challenges and opportunities and my future lie with the renewable energy efforts of our Solar Trust joint venture, and I thank the board of directors for their confidence and overwhelming support. I look forward to playing a significant role in how America produces, distributes and consumes its power over the next five years and beyond. I am thrilled to lead the company that plans to build the world’s largest concentrated solar power plant facility.”

Schmidt’s extensive background in the international energy and steel sectors, sophisticated multimodal supply chain management, structured trade finance and project management will be broadly and beneficially utilized across Solar Trust’s business units. Mr. Schmidt also announced that he will no longer serve in any executive management capacities with joint venture partner Ferrostaal.

Most recently, Schmidt served as President and Chief Executive Officer of Ferrostaal Incorporated, Ferrostaal AG’s American subsidiary, and as a member of the Ferrostaal AG’s Management Board. Previously, Mr. Schmidt served as Chairman and CEO of Houston-based Ferrostaal Metals Group, Inc. with offices in 60 countries and sales of $2 billion. Schmidt has also held executive management positions in the energy, steel and large industrial turnkey project businesses of ThyssenKrupp AG. Schmidt also held executive management positions in the energy, steel and large industrial turnkey project business of Thyssen AG, now ThyssenKrupp AG.

About Solar Trust of America

Solar Trust of America is an integrated industrial solar solutions company strategically positioned to support the critical need for renewable energy generation in the United States using commercially viable and proven parabolic trough solar thermal energy technology.

The company is actively pursuing the construction and development of multiple solar thermal power plants across the southwestern U.S. Solar Trust currently has nine solar thermal energy power plants in advanced stages of development in Ridgecrest, Blythe and Palen, California, as well as in the Amargosa Valley in Nevada. Solar Trust’s development company, Solar Millennium, LLC, has received unanimous approval from the California Energy Commission to build and operate its Blythe Solar Power Project in Riverside County, which would be the largest Concentrated Solar Power (CSP) facility in the world. Combined, the four 250 MW plants will deliver 1,000 MW of nominal generating capacity, or enough electricity to power more than 300,000 homes annually. Solar Trust of America is a joint venture of the Solar Millennium Group and the Ferrostaal Group. For more information about the company visit www.SolarTrustOfAmerica.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding Solar Trust’s plans, estimates, assumptions, expectations or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding the design, construction or operation of the planned Blythe solar power plants, expected actions of the California Energy Commission or other regulatory authorities, milestones under Solar Trust’s agreement with Southern California Edison (SCE) as well as statements about Solar Trust’s strategies, objectives, goals, targets, outlook, and business and financial prospects. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These forward-looking statements should not be relied upon as representing the company’s views as of any subsequent date, and Solar Trust is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Solar Trust of America, LLC
Bill Keegan, Director of Corporate Communications
312-927-8424
This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Source: Solar Trust of America, LLC