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April 2012

MBO: How do you see the future of renewable energy? The Martifer Group’s experience in renewable energy started in the wind sector, namely with the manufacture of wind towers. This was based on the group’s experience and leadership in the steel construction industry. Later, the company entered the areas of solar, wave and bio-fuel energy. The company approach was industrial in nature, but also included other renewable energy types in the area of energy generation. Since 2010, the company has decided to focus on its purely industrial activities; on the production of metal constructions and on solar energy, which have become the two core business areas. In a nutshell, every country is aware of the urgent need to decrease the use of carbon-based energy sources. Several countries have already committed to specific quotas for renewable energy within their overall energy mix, and to reducing their levels of greenhouse gas emissions to decrease their energy consumption levels, as a result of the Kyoto Directive. The crisis that occurred in North Africa and in the Middle East, in Spring 2011, highlighted the danger of oil and gas dependency on other countries. Furthermore, the Fukushima nuclear accident led most countries to withdraw from their nuclear plans. All of this just reinforced the need to increase investment in renewable energy. While Western Europe has played an important role regarding its incentive schemes to date, it is now time for other countries to contribute in such a way that PV may finally attain a level of grid parity. If this were to be achieved, no further incentives would be required at a level of general distribution. Meanwhile, the current macro-economic context, along with the recent changes in the overall regulatory framework, has not helped the industry in terms of investment; within the industry, the perceived level of risk has actually increased. There is a clear trend for further price reductions in terms of demand. However, there is also pressure in the opposite direction regarding increases in supply. Within this context, several bankruptcies have occurred. Together with a high level of consolidation activity, these events have helped to restore the balance in the industry. For the strongest players, new business models will be required. These will have to go far beyond typical incentive schemes in order to succeed. It is on this basis that Martifer Solar proposes to enter Montenegro.

MBO: What are the benefits of solar energy? Why people should start to replace other viable energy sources with solar energy, and why should the Government provide incentives for such types of development? First of all, the sun may be used as more than just a heating source (solar thermal), but also as an electricity source (solar PV).This is the main focus of our company. The sun is actually one of the most inexorable and promising available resources. Unlike other renewable sources, PV is one of the most desirable ways of generating energy; it is easily accessible at a consumer level, is easy to predict and it can be made to mirror higher levels of usage at peak times. In addition to that, it is not an invasive type of technology as it can be implemented in total harmony with the environment, and does not produce any noise. The main problem of PV is its cost level. Therefore, the need for incentives are paramount in order to scale down the effect of its high costs.

This should smooth the way to reaching grid parity, something which is, at present, almost attainable in some countries where both electricity prices and solar radiation costs are high. In fact, thanks to the incentive schemes of some countries, mainly in Europe, reductions in system prices have been as impressive as around 75% during the last four years! Whilst providing incentives for the development of solar energy, governments are actually contributing to the diversification of their energy mix. They are also simultaneously increasing their autonomy of energy production, based on renewable energy sources; thus they are substituting carbon-based sources, which are often imported, with renewable energy. This, in turn, allows them to meet their renewable energy quotas, whilst reducing their levels of fossil fuel consumption and decreasing their levels of greenhouse gas emissions. Moreover, such incentives allow the development of a healthy industry, create employment and increase the turnover of many related activities in the long run. In fact, an important part of such incentives concerns the state in terms of taxes paid through the whole supply chain. All in all, considering all of the economic, social and environmental benefits which are very difficult to quantify, the differential effect could be virtually zero. That is, the whole investment put into supporting solar incentives could well be completely paid back.

MBO: What are the main advantages of your company? Why would someone choose Martifer Solar over other similar companies? FMartifer Solar is involved in the development, construction, operation and maintenance of PV plants, as well as in the manufacture and distribution of PV components. This includes the production of modules in its cutting edge production line, tracking systems, fixing structures, and parking decks, amongst others various items. Such an integrated approach allows the company to provide 360Âş solutions to the market in the PV field. It has a great deal of experience in the solar sector and belongs to a listed group with more than 3,000 employees who focus on metallic constructions and solar energy. At the moment, Martifer Solar is present in 21 countries and has installed more than 200 MW worldwide. Its work includes all kinds of different types of technology and installations. Martifer Solar is flexible, innovative and fast. It has a sound balance sheet which provides security both to investors and financiers. Its broad experience in the PV sector allows it to provide custom-made solutions for clients at competitive prices combined with high quality standards. Finally, the company also has a social conscience which results in it leaving a strong footprint wherever it works; namely it brings in clean energy, transfers its own knowledge to others and provides long term employment opportunities to local communities whenever possible.

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