Solar Millennium transfers 26% stake in 50 MW Spanish solar project to STEAG21. November 2012 | Applications & Installations, Industry & Suppliers | By: Becky Beetz
The insolvent Solar Millennium AG has officially transferred its 26% stake in the 50 MW Arenales Spanish solar project to Germany’s STEAG 1 Beteiligungsgesellschaft GmbH.
Solar Millennium sold the stake to STEAG’s subsidiary back in July for a purchase price up to the double-digit million euro range. However, the signing of the agreement was stalled by negotiations between the banking syndicate, comprised of 8 financing banks, and the co-investors RREEF (49%) and OHLI (25%). Approvals from the relevant anti-trust authorities also needed to be secured.
"Selling the shares to STEAG despite very difficult circumstances and thus ensuring the continuation of this important power plant project is a great success," commented Solar Millennium insolvency administrator Volker Böhm of law firm Schultze & Braun. "At the same time, the sale generated substantial funds to the benefit of the creditors."
Despite the problems, work on the Arenales project, located near the Spanish city of Morón de la Frontera has been underway for some months, after Böhm secured the continuation of the project following Solar Millennium’s insolvency.
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