26 percent of Arenales power plant sold31. July 2012 | Industry & Suppliers | By: Shamsiah Ali-Oettinger
Solar Millennium's insolvency administrator, Volker Böhm has sold a 26 percent share of the Spanish solar power plant Arenales. Purchaser is private equity firm STEAG GmbH, a wholly-owned subsidiary of STEAG, Germany's fifth largest electricity producer.
Via the sales, Solar Millennium receives the invested equity plus an additional profit, where the selling price reached millions. Following the sale of the Andasol 3 share about two weeks ago, Böhm has succeeded in increasing the prospects for Solar Millennium creditors.
The 50 MW solar plant Arenales is currently under construction near the town of Morón de la Frontera (Province of Seville/Andalusia). It was a good move to have kept work going on the project, despite the insolvency proceedings. This has laid the foundation for the now completed sale. Böhm stressed after signing the purchase contract that the sale to STEAG has enabled an ideal partnership which would ensure the continuation of the project.
The purchase agreement was signed today by a notary and is now with the banks and the responsible authorities. The completion of the licensing procedures is expected in September.
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