XXIV

0XXV

Gehrlicher International

Springfield

Las Palmas

East London

Madrid

Paris

CoburgMunich

Milan

Athens

PragueBratislava

Birmingham

Bullas

Salvador

Mumbai

AfricaSouth AfricaGehrlicher-Ikhwezi (Pty) Ltd.1 de Wet RoadWest Bank East London 5201T +27 43 7018000F +27 43 7311016southafrica@gehrlicher.com

AmericaUSAGehrlicher Solar America Corp.21 Fadem RoadSpringfield, NJ 07081T +1 908 2194379T (toll free) +1 8778449174F +1 908 2194375usa@gehrlicher.com

BrazilGehrlicher Ecoluz Solar do Brasil S.A.Av Antônio Carlos Magalhães 1116 Sala 102/ParteEdificio Tropical Center, ItaigaraSalvador, Bahia | CEP: 41825-904T +55 71 21089200F +55 71 21089289brazil@gehrlicher.com

AsiaIndiaGehrlicher Solar India Pvt. ltd.6th floor, Soham House,Hari Om NagarMulund (East), Mumbai 400081T +91 22 6177647080F +91 22 25982021M +91 98 20164514india@gehrlicher.com

EuropeFranceGehrlicher Solar France SAS97, avenue du Général Leclerc75014 ParisT +33 1 83954218F +33 1 83954224france@gehrlicher.com

GreeceGehrlicher Solar Hellas MEPE12A Eleftheriou Venizelou Str.151 27 MelissiaAthensT +30 210 99 02 473-4F +30 210 99 02 472hellas@gehrlicher.com

Great BritainGehrlicher Solar UK Ltd.c/o The Wilkes Partnership41 Church StreetBirmingham West Midlands, B3 2RT, UKuk@gehrlicher.com

Italy Gehrlicher Solar Italia s.r.l.Via Enrico Caviglia 320139 MilanT +39 02 53580811F +39 02 5520580italia@gehrlicher.com

SlovakiaGehrlicher Solar AGKaradžiˇcova 8/A82108 BratislavaT +421 2 59396246F +421 2 59396200slovakia@gehrlicher.com

SpainSolarland S.L. Grupo Gehrlicher SolarC/La Vista 6 35640 Villaverde Fuerteventura, Las PalmasT +34 928 868081 F +34 928 868842canarias@gehrlicher.cominfo@solarlandsl.com

Gehrlicher Solar España S.L.C/Velázquez 22, 5° izda.28001 MadridT +34 91 4491247F +34 91 5798705spain@gehrlicher.com

C/Valle Guadalentín 2, 2°Polígono Industrial Marimingo30180 Bullas (Murcia)T +34 968 655191F +34 968 654887spain@gehrlicher.com

Czech RepublicGehrlicher Solar AGBurzovní PalácRybná 682/1411005 Prague 1T +420 222 191725F +420 222 191700M +49 176 14208038czechia@gehrlicher.com

Gehrlicher Solar AGHead OfficeMax-Planck-Str. 385609 Dornach near MunichGermanyT +49 89 420792-0F +49 89 420792-8540info@gehrlicher.com

Registered office and logisticsAustr. 101b96465 Neustadt near CoburgGermanyT +49 9568 896609-0F +49 9568 896609-999coburg@gehrlicher.com

»We take on the responsibility for supplying you with sustainable and effi cient energy.«

Solar park in Ebern­Heubach,4.8 MWp

03

Gehrlicher Solar AG is one of the most experienced and fastest growing photovoltaic companies in Germany.

Since 1994, we have been developing concepts and solutions for innovative use of renewable energies and consider this to be our contribution to an en-ergy revolution that is responsible ecologically as well as economically.

Our global operations include more than 400 em-ployees and 14 branch offices in Germany, Spain, Italy, England, Greece, France, the Czech Republic, Slovakia and the USA as well as joint ventures in India, South Africa and Brazil. The administra-tive centre of our company is located in Dornach near Munich; the company’s registered office is in Neustadt near Coburg.

As one of the largest independent system inte-grators, Gehrlicher Solar plans, builds, finances and operates solar power stations in the multi-megawatt range all over the world. Planning and implementation of turn-key photovoltaic rooftop systems are also part of our service portfolio. As a wholesaler, our company offers complete systems which are carefully selected and inspected and also components for on-grid and off-grid systems.

Our in-house research and development depart-ment creates new and innovative system compo-nents, while our GehrTec® product group offers intelligent solutions for an array of installation and application types.

We ensure reliability of existing photovoltaic power plants by deploying our in-house specialists to handle operations as well as service and main–tenance.

As a result of our experience and demand for quality, life cycle and profitability of our systems, we offer sustainable solutions for sustainable energy generation.

Group turnover

in € million

600

500

400

300

200

100

0

2007 2008 2009 2010 2011

Number of employees

Internationally

600

500

400

300

200

100

0

2007 2008 2009 2010 2011

324,9

224

342,7373

615,0

524

109,662

144,6 138

04

Klaus Gehrlicher developed Gehrlicher Solar AG, a company founded in 1994, into one of the leading specialists in the area of photovoltaic systems of any size.

To this day, the family business is managed by the founder of the company. Klaus Gehrlicher is one of the pioneers of the German photovoltaic industry. He was one of the first professional users of the sector and, owing to his vast practical experience, he has been a force behind professionalising the use of solar energy. In 1998, he initiated Solarpark 2000, the first European solar fund and, in the course of the company’s history, he was respon-sible for numerous product innovations. As CEO and CTO, Klaus Gehrlicher takes responsibility for all technical developments of the company.

Klaus Gehrlicher lives and breathes »renewable energies«. In the beginning, he himself installed solar power systems and is convinced that every Gehrlicher employee has to have some practical experience dealing with these systems. This is the only way to truly understand customers and have the ability to give them the best advice possible.

Gehrlicher Solar is the pioneer in the emerging photovoltaics market. We know the market and use this experience to develop perfectly suitable solu-tions for our customers every time. In this context, we offer comprehensive service and provide com-petent consultation in all technical aspects.

»Our knowledge is based on experience.«

Klaus GehrlicherCEO, CTO and founder of Gehrlicher Solar AG

05

Gehrlicher Solar AG

Milestones

1994 Founding of ENERSYS Energiesysteme Gehrlicher

1998 First Community Equity Fund »Gehrlicher GmbH & Co Solarpark 2000 KG« with the city of Munich

1999 Founding of Gehrlicher Umweltschonende Energiesysteme GmbH

2001 Founding of the Spanish Gestión y Ahorro Energético S.L.

2002 Accolades from the Bavarian Architect's Association

2003 EU projects: PV Enlargement/PV Soundless

2004 Founding of Gehrlicher Solar Management GmbHSolar award Eurosolar

2005 First ground-mounted system with thin-fi lm modules as a participation model

2007 Rebranding to Gehrlicher Solar AGCommissioning of power plant in Spain, 5 MWpConstruction of systems in Gundelfi ngen, 2.7 MWp and Salmdorf, 1.0 MWp

2008 Founding of Gehrlicher Solar Italia s.r.l.Founding of Gehrlicher Solar Hellas MEPEConstruction of fi rst phase of the energy park in Lauingen, 10 MWpAward »Bayerns Best 50«

2009 Founding of Gehrlicher Solar America Corp.Founding of Gehrlicher Solar France SASConstruction and commissioning of the solar park in Rothenburg, 20.5 MWp

2010 Founding of the Gehrlicher Solar AG subsidiaries in the Czech Republic and Slovakia as well as joint ventures in India, Brazil and South AfricaAccolades: »Bayerns Best 50«, »Deloitte Technology Fast 50«, »Deloitte Fast 500 EMEA«, »Sustained Excellence Award 2010« and »Intersolar Award 2010« Expansion of solar park in Lauingen to 26 MWp

2011 Founding of Gehrlicher Solar UK Ltd.Recipient of the »AXIA-Award« for providing a culture of innovation

6

»We provide what you need.«

EU test facility in Haar;direct comparison of biaxial tracking, single­axle tracking and fixed installation

Gehrlicher stands for experience and quality in product and service. When planning and building photo­voltaic systems, we proceed with utmost precision and demand the highest level of quality.

We ensure long-term yield-oriented execution pro-viding maximum use of the system technology and therefore maximum economic returns. Starting in 1994, we have been building photovoltaic systems of various types and are systematically performing comprehensive analysis of the operational results.

Based on several EU projects, we have a large database of current module types, inverters and elevated mounting systems at our disposal. We anticipate market trends, cooperate with partners around the world on specific technologies and are therefore always up-to-date. What Gehrlicher Solar and its customers count on are the actual peak yields of our systems proven by long and unbroken series of data.

Together with our subsidiaries, we are an inter-nationally recognised partner with the ability to realise ambitious projects reliably and successfully. Starting with the off-grid system right up to the multi-megawatt park, we have executed numerous projects around the globe. In doing so, we take special regional characteristics into account and develop flexible solutions which meet specific re-quirements optimally.

07

Award-winning, single-axle-tracked PV system in Landshut

Aesthetic and functional: GehrTec® Front, a back-vented façade system

Solar park in Rothenburg, 20.5 MWp

8

»We make sure that your projects are profi table.«

Energy park Lauingen, 25.7 MWp

We work directly with leading manufacturers of solar modules and inverters.

Our position as an international wholesaler and system integrator ensures us reasonable prices and the appropriate volume of high-quality com-ponents, something that benefi ts our customers directly.

In addition, our durable and yield-oriented reali-sation of photovoltaic systems ensures maximum returns for our customers in terms of system technology as well as economy.

Together with our partners, we stand for the best components, the best systems and thus for optimal results. Peak yields of our systems are proven by long and unbroken series of data.

Our partners

Solar modules Inverters

09

10

»We assemble the best and ensure continuous supply.«

Multi­purpose hall in Kisslegg,415.8 kWp

As an independent system integrator, we are not limited to certain manufacturers or our own components. Instead, we can take a flexible approach to our customers’ demands and power plant specifications.

Gehrlicher Solar works directly with leading manufacturers in the markets of solar modules and inverters and through strategic partnerships secures attractive prospects in the market of photo voltaic innovation for itself.

Through our existing contacts with leading manu-facturers, we continually expand our product portfolio with new, innovative product choices. On this basis, we supply our customers with complete systems as well as individual components, many of which we have optimised or developed specifically. Due to our extensive experience, we are considered one of the pioneers, particularly in the area of thin-film technology, which has grown more rapidly than other market segments.

With our strong market position, proven partner-ships and long-term supply contracts, we offer a high degree of security with respect to planning and delivery. Since we are an important major buyer, our customers profit additionally from pricing in line with the market and regular price negotiations with important manufacturers. This way, we are able to respond flexibly to current market situations.

Solar park in Bullas, Spain, 5.0 MWp

11

12

»We develop crucial details ourselves and are continually improving.«

The Gehrlicher assembly robot: for construction of faster and significant­ly more economical PV systems

As a professional technology user for many years, we invested early on in research and development and drove our own innovations, which were of great practical use to us.

In order to increase system profi tability, we invest each year in the development of design and system engineering as well as automation solutions for construction of solar power plants. Thus we achieve signifi cant reductions in installation times, material costs and wear.

We use our many years of experience, innovative ideas and superior professional implementa-tion from a technical perspective to test and improve existing products and processes, apply cutting-edge methods of analysis and continually implement new ideas. By participating in success-ful EU projects and cooperating with universities, we ensure that tomorrow’s technological expertise is available to us. This is how we gained recogni-tion as a competent and accomplished initiator and continued building on this position success-fully to this day. These innovations inform our own GehrTec® products as much as joint developments with our partners in cooperation. We developed the intelligent cabling system GehrTec® Nubbel with Sykonec, a 50% equity partner. Just as our »quick installation« substructures, it has already become a fi xture in many photovoltaic systems and estab-lished itself as a standard solution in the market.

13

GehrTec® Nubbel was developed for quick and effective DC cabling

GehrTec® Pad can be used to fasten frameless solar modules with cost savings of up to 70%

»We are securing tomorrow‘s emerging markets for ourselves.«

Solar park in Zlonin, Czech Republic,2.3 MWp

15

With a targeted orientation to­ward global growth markets and economic centres, we use and es­tablish opportunities in the global solar market while simultaneously balancing regional market risks.

This way, step by step, we gain independence from the effects of local regulations and subsidy programmes in the different markets.

Our experts in various countries are listening to the markets. They are aware of local conditions and keep in direct contact with local government authorities. With respect to climate as well as legal environment, large parts of Europe are operating under optimal conditions for using photovoltaics. Since 1994 we have been active on the Canary Islands, a location providing extremely high inso-lation. In 2004, we were able to enter the highly attractive market of the Spanish mainland. In cooperation with our subsidiary Solarland, we are developing in-house products for the off-grid mar-ket. The expansion into additional countries and regions extends beyond the European continent. We took our initial step in the direction of North America in 2009 and established a subsidiary in New Jersey. Since 2010 we have been active in the growth markets Brazil, India and South Africa.

Solar park in Bullas, Spain,5.0 MWp

Off-grid system in the Republic of the Congo, 7.8 kWp

16

»We provide all components from one source.«

Solar park in Bischwind, 1.75 MWp

17

As an experienced trading partner, we offer individual components as well as complete turn­key systems at competitive terms.

High quality of workmanship and components used is essential to us throughout the entire supply chain. Therefore, one main focus of our work is a selection of premium products. We work with lead-ing component manufacturers and in addition rely on our proven in-house GehrTec® product family.

In conjunction with concurrent pre-assembly, GehrTec® products provide the option of huge re-ductions in installation times and hence material and installation costs.

The wide range of substructures and systems for carports and façades is designed to meet the high-est quality standards and cover many site specific requirements. Our experts are also ready to provide consultation in the areas of system design, installa-tion and maintenance.

Furthermore, we assume responsi-bility for maintaining and operating solar parks

»We are your partner throughout the entire process, from fi nancing right up to the turn-key system.«

Ground­mounted system in Salmdorf, 1.0 MWpClean electricity for approx. 300 households

19

Gehrlicher Solar has many years of experience in site development and turn­key construction of large­scale projects be it in Germany, Europe or on other continents.

We utilise innovative products of high quality, continually optimise our own research and develop-ment and ensure long-term profitability of your system with comprehensive support throughout its entire life cycle.

In order to reduce costs of installation and materials, for example, Gehrlicher Solar provides its own patented installation systems. In addition, we developed a unique integrated installation and logistics system which is unparalleled in the global market. In the future, it will facilitate the transport of solar modules from the manufacturer's pro-duction facility right to the automated fitting into ground-mounted systems.

With these large-scale projects, we offer investors proven attractive investment opportunities. We not only plan, build and finance photovoltaic systems but we also market these multi-megawatt systems as publicly offered solar energy funds or as equity opportunities. As the first company in Europe, Gehrlicher Solar was successful in realising par-ticipation models for roof systems and therefore established itself as a trailblazer for a new devel-op ment in the solar business. Already in 1998, Europe's first professional and trend-setting solar fund was issued at Gehrlicher Solar.

Today, our subsidiary Gehrlicher Solar Manage-ment GmbH is affiliated with more than 30 investment companies. Among them are megawatt parks in different locations, from the model of a community equity fund to the tax-effective model for the investor.

Unparalleled in the global market: our integrated installation and logistics system

Energy park in Lauingen,25.7 MWp

20

DisclaimerThe content of this brochure is intended to give an overview of the services offered by Gehrlicher Solar AG. Its purpose is solely to provide non-binding information. This brochure does not contain binding offers, warranties or guarantees of any kind. There is no guarantee that the statements are correct and complete.

Gehrlicher Solar AG points out that this brochure also contains statements and information from third parties. Gehrlicher Solar AG does not assume any responsibility for currentness, correctness, completeness or quality of these statements and information. Apart from that, it does not claim third party statements, especially technical and legal state-ments as its own (including those regarding liability, warranty, guarantees and manufacturers warranties). Gehrlicher Solar AG points out that, in most cases, it is not the exclusive sup-plier of third party products depicted.

Irrespective of any legal right including unlawful act, Gehrlicher Solar AG is responsible for damages arising from the use of this brochure only to the extent they were caused by intent or gross negligence. All statements are subject to confirmation and non-binding. We reserve the right to make changes at any time with respect to technical as well as pricing/commercial information.

CopyrightsParts of this brochure are protected by laws as is the bro-chure in its entirety. Its contents are expressly protected all over the world under the German copyrights law as well as international treaties. The same applies to the selection and arrangement of data, texts, tables, artwork and images. We especially point out that some of the images and other works contained in this brochure are subject to third party copy-rights.

Unless permitted by law, duplication, processing, distribution and/or publication of this brochure's content protected by copyright requires prior consent of each holder of rights.

Publisher Gehrlicher Solar AGMax-Planck-Str. 385609 Dornach near Munich (Germany)www.gehrlicher.com

Copyright Gehrlicher Solar AG

The current version is available at www.gehrlicher.com.

For the paper production only wood from controlled forestry operations is used, which are covered by the certification codes of practice of the FSC and the „Blauer Engel“ (environmental watchdog agencies)

PREIS T R ÄGER 2010Best 50

Bayerns Best 50

Bayerns

AwardsGehrlicher Solar AG has been the recipient of numerous awards for its achievements.