Solar went into receivership on Monday and they are all dismissed
without entitlements. By Friday some will be choosen to stay in for
another 3 months to assist with the sale.

<http://www.news.com.au/heraldsun/story/0,27574,26042602-2862,00.html>
http://www.news.com.au/heraldsun/story/0,27574,26042602-2862,00.html

World's biggest solar power station in doubt

September 08, 2009 08:09am

A BID to build the world's largest solar power station in Victoria is in
doubt after the company involved was placed in receivership.

The $420 million project, planned by Solar Systems, was to have produced
power for about 45,000 houses and has provided work for 150 people, Fairfax
reported.

Administrator Stephen Longley of PricewaterhouseCoopers said he hoped to
have news for the workers by the end of the week.

"We are assessing Solar Systems' operational and financial position with a
view to continuing operations on a reduced scale over the next three months
in order to provide us with sufficient time to restructure and sell the
business as a going concern," he said.

The proposed 154 megawatt power station would use photovoltaic solar cells
to magnify solar energy 500 times and deliver electricity to the national
grid by 2013, the newspaper said.

A pilot power station has been finished at Bridgewater, near Bendigo, but
work on the main station is yet to commence.

Investor TRUenergy's parent company, China Light and Power, wrote down its
$A53 million investment in the project last month.

A spokesman for TRUenergy said the company still believed in the technology
and would still invest if a partner could be found.

The Victorian opposition was highly critical of the state of the project,
but a government spokeswoman blamed the situation on Solar System's
inability to raise capital in difficult world financial circumstances.

The first meeting of creditors is scheduled for September 17.

Solar Systems did not return calls from Fairfax.





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