On February 23, 2009, Murphy&Spitz Green Capital AG, an investment company focused on renewable energies, has sold its stake in CTF Solar GmbH to Roth & Rau AG. CTF Solar GmbH has the expertise to produce turnkey production lines for use in the manufacture of thin film solar modules based on cadmium telluride (CdTe solar modules). Roth & Rau AG is one of the worlds leading equipment manufacturers for the photovoltaic industry and is listed on the Frankurt Stock Exchange. In the current difficult economic environment, Murphy&Spitz has realized an acceptable purchase price, and also participates in future profits of CTF Solar. Partner Dr. Olaf Müller-Michaels of Orrick's Düsseldorf office has advised Murphy&Spitz Green Capital in this transaction.