News Article
Solarhybrid Aquires US Project Pipeline From Solar Millenium
Solarhybrid AG has announced that it has reached an agreement with Solar Millenium AG for the acquisition of the two project holding companies Solar Millennium Capital GmbH and SM USA 2 GmbH.
The acquisition of the two companies transfers Solar Millennium's entire project pipeline for solar power plants in the southwest of the United States with a total capacity of 2.25 gigawatts to solarhybrid. This includes the 70 percent stake in Solar Trust of America LLC. All intercompany loans and other receivables from Solar Millennium AG to its US subsidiaries were also acquired.
The purchase agreement is subject to the condition precedent that solarhybrid will replace letters of credit, which Solar Millennium granted in association with the US projects, by 31 March 2012.
The companies have agreed to keep the purchase price confidential. Payment is linked to the achievement of certain milestones, particularly to the conclusion of power purchase agreements. Solar Millennium will receive an additional deferred payment, if individual projects from the US power plant pipeline are resold. However, the power plants do not have to be realised by solarhybrid.
The supervisory board of solarhybrid and the interim insolvency administrator of Solar Millenium have approved the agreement.
