Novatec Solar

Novatec Solar was a German provider of solar-thermal systems based in Karlsruhe. Its business focused on linear Fresnel collector technology, a form of concentrating solar thermal technology that uses long rows of mirrors to concentrate sunlight onto a receiver. The company supplied more than individual components: its stated scope included the manufacture, delivery, and assembly of complete solar fields and related turnkey solutions. The company became associated with the commercial development of linear Fresnel technology for both electricity generation and industrial heat applications. Its best-known projects were in Spain and Australia. Puerto Errado 1, in Calasparra in southern Spain, was connected to the grid in 2009 and was described as the world's first commercial Fresnel power plant. The facility had an electrical output of 1.4 MW and used approximately 18,000 square metres of mirror surface arranged in two collector rows, each about 800 metres long. A larger neighboring project, Puerto Errado 2, entered commercial operation in 2012. It had a 30 MW electrical capacity and a mirror field of approximately 300,000 square metres. Novatec Solar also delivered a solar field at the Liddell Power Station in Australia. Commissioned in 2010, the Liddell installation had a thermal capacity of 9 MW and was used as a fuel-saving system for the power station. This project illustrated a different application for the company's technology: integrating solar heat into an existing conventional power-generation site rather than operating solely as a stand-alone solar-electric plant. Ownership and financial conditions changed during the company's development. In March 2011, ABB acquired a 35 percent stake in Novatec Solar. ABB later sold that holding in April 2013 to existing shareholder Transfield Holdings, after which Transfield held approximately 85 percent of the company. In November 2014, Novatec Solar informed bondholders that it was seeking to restructure its debt because of financial problems. During the same month, chief executive Andreas Wittke and chief financial officer Oliver Mundle resigned. Publicly available reference material does not establish the company's subsequent operating status, a continuing corporate owner, or a current official website, so those details remain unspecified here.

Novatec Solar developed and supplied solar-thermal systems based on linear Fresnel collector technology. The company was headquartered in Karlsruhe, Germany, and presented itself as a provider of turnkey solutions rather than merely a component manufacturer. Its activities included manufacturing, supplying, and assembling solar fields for electricity generation and heat production. The company's technology used rows of relatively flat or slightly curved mirrors to focus sunlight onto an elevated receiver. The resulting heat could be used to generate steam and electricity or to reduce the conventional fuel requirement of an existing power station. This approach positioned Novatec Solar within the concentrating solar power sector, with a particular emphasis on linear Fresnel systems. Its first prominent reference project was Puerto Errado 1 in Calasparra, southern Spain. The plant was connected to the grid in 2009 and had an electrical output of 1.4 MW. With approximately 18,000 square metres of mirror surface divided into two collector rows of about 800 metres each, it was described as the first commercial Fresnel power plant in the world. The project provided an early commercial demonstration of Novatec Solar's technology. Novatec Solar subsequently completed the larger Puerto Errado 2 project beside Puerto Errado 1. The second plant had a 30 MW electrical capacity and approximately 300,000 square metres of mirror surface. It entered commercial operation in 2012, giving the company a substantially larger operating reference in the Spanish solar-thermal market. The company also completed the Liddell solar field in Australia. Commissioned in 2010, the field had a 9 MW thermal capacity and served as a fuel saver for the Liddell Power Station. Unlike a stand-alone solar-electric facility, the Liddell installation demonstrated the use of linear Fresnel solar heat alongside an existing conventional power station. Corporate ownership evolved as Novatec Solar developed these projects. In March 2011, ABB acquired 35 percent of the company. In April 2013, ABB sold its stake to existing shareholder Transfield Holdings; after the sale, Transfield owned approximately 85 percent of Novatec Solar. The company's later history was marked by financial strain. In November 2014, Novatec Solar notified bondholders that it was seeking to restructure its debt because of financial problems. Andreas Wittke, the chief executive officer, and Oliver Mundle, the chief financial officer, resigned in the same month. The available reference material does not provide a definitive account of the company's subsequent corporate status, later projects, or current operations. Accordingly, Novatec Solar's present status is recorded as unknown rather than being characterized as active or defunct.

• 2014

  Debt restructuring announced

  [1]Novatec Solaren.wikipedia.org

  Novatec Solar informed bondholders that it was seeking to restructure its debt because of financial problems; its CEO and CFO also resigned.

• 2013

  Transfield Holdings increased its ownership

  [1]Novatec Solaren.wikipedia.org

  Transfield Holdings acquired ABB's stake and became the holder of approximately 85 percent of Novatec Solar.

• 2012

  Puerto Errado 2 entered commercial operation

  [1]Novatec Solaren.wikipedia.org

  The 30 MW Puerto Errado 2 solar-thermal plant in Spain entered commercial operation.

• 2011

  ABB acquired a minority stake

  [1]Novatec Solaren.wikipedia.org

  ABB acquired 35 percent of Novatec Solar.

• 2010

  Liddell solar field commissioned

  [1]Novatec Solaren.wikipedia.org

  A 9 MW thermal linear Fresnel solar field was commissioned at Australia's Liddell Power Station for fuel-saving purposes.

• 2009

  Puerto Errado 1 connected to the grid

  [1]Novatec Solaren.wikipedia.org

  The 1.4 MW Puerto Errado 1 facility in southern Spain was connected to the grid and was described as the world's first commercial Fresnel power plant.

Specialist engineering and project provider for linear Fresnel concentrating solar thermal systems, emphasizing complete solar-field delivery and integration with power-generation or industrial-heat facilities.

• Concentrating solar thermal equipment

  Linear Fresnel collector fields

  Novatec Solar's core technology consisted of linear Fresnel collector fields. Long rows of mirrors concentrated sunlight onto a receiver to produce useful thermal energy, which could support steam generation, electricity production, or fuel reduction at an existing power station.

• Renewable-energy engineering and project delivery

  Turnkey solar-thermal solutions

  The company supplied integrated projects covering the manufacture, delivery, and assembly of solar fields. Its turnkey scope was intended to connect collector technology with power-generation or industrial-heat applications.

• Solar thermal systems

  Solar boilers

  Novatec Solar was described as a provider of solar boilers using linear Fresnel collector technology. These systems converted concentrated solar energy into heat or steam for use in electricity generation and related thermal processes.

• 2014

  Debt restructuring pursuedStrategy

  Background

  Novatec Solar reported financial problems to its bondholders.

  Action taken

  The company sought to restructure its debt.

  Aftermath

  CEO Andreas Wittke and CFO Oliver Mundle resigned in November 2014. The available reference does not establish the eventual outcome of the restructuring.

  Source

• 2013

  Transfield Holdings acquired ABB's holdingM&A

  Background

  ABB decided to sell its 35 percent interest to an existing shareholder.

  Action taken

  Transfield Holdings acquired ABB's stake, bringing its ownership to approximately 85 percent.

  Aftermath

  Transfield became the dominant shareholder of Novatec Solar.

  Source

• 2011

  ABB acquired a 35 percent stakeM&A

  Background

  ABB entered the ownership structure of Novatec Solar as the company expanded its commercial linear Fresnel project portfolio.

  Action taken

  ABB acquired a 35 percent interest in Novatec Solar.

  Aftermath

  ABB later exited the investment by selling the stake to Transfield Holdings in 2013.

  Source

1. 1Novatec Solaren.wikipedia.org