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Silex Announces A$75 Million in Commonwealth
Funding For Solar Systems?f Mildura Project
6th June, 2011
Silex Systems Limited (ASX: SLX) is pleased to announce that its wholly owned subsidiary, Solar
Systems Pty Ltd (?gSolar Systems?h), has finalised the novation of a A$75 million funding agreement
with the Australian Government for the development of the proposed 100 megawatt (MW) solar
power station project in Mildura, north?]west Victoria.
This is in addition to A$50 million in funding from the Victorian Government which was announced
on 21 July 2010 of which approximately A$5 million is being utilised in the current commercialisation
program. The Australian Government has further assisted the project with a A$4.5 million grant
under the Asia Pacific Partnership on Clean Development and Climate, of which approximately A$1.9
million was transferred to Solar Systems.
The A$75 million funding from the Commonwealth Government remains subject to certain
conditions precedent including the satisfactory performance of a 2MW pilot demonstration plant and
proof of funding for the balance of the project costs. In March this year, Solar Systems announced it
was commencing preliminary work on the 2MW pilot plant in Mildura (refer ASX release dated
17/03/11).
The funding will be provided under the Commonwealth Government?fs Low Emissions Technology
Demonstration Fund ("LETDF") Programme, a Department of Resources, Energy and Tourism
initiative.
Dr Michael Goldsworthy, Silex CEO said ?gThe Mildura Solar Power Station project is a key step in
proving the bankability of the Solar Systems technology at utility?]scale deployment. With the funding
arrangements now in place with the Federal and Victorian Governments, we can move forward
confidently with our project plans,?h he added.
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About the LETDF Programme
A major objective of the LETDF Programme is to provide funding to Australian firms to assist in
commercialising low?]emissions technologies in order to demonstrate the commercial potential of
new technologies or processes, with the potential to deliver long term large scale greenhouse gas
emission reductions. The LETDF Programme is managed by the Department of Resources, Energy
and Tourism ("DRET").
For further information on the LETDF Programme, refer to DRET's website: ret.gov.au.
Silex's Solar Divisions
Silex Systems is Australia's leading solar technology company with two wholly owned subsidiaries,
Solar Systems Pty Ltd and Silex Solar Pty Ltd, producing solar photovoltaic ("PV") products and
systems.
About Solar Systems
Melbourne?]based Solar Systems Pty Ltd produces the unique 'Dense Array' concentrating PV
technology ideal for large commercial and utility?]scale solar deployment projects. The first such
project, the proposed solar power station of 100MW in Mildura, Victoria, will potentially be one of
the largest and most efficient solar power stations in the world.
Solar Systems Pty Ltd continues to investigate opportunities to construct utility?]scale solar plants in
Australia and United States, as well as growth opportunities worldwide.
For further information on Solar Systems, refer to the company's website: www.solarsystems.com.au