Solar Millennium transfers 26% stake in 50 MW Spanish solar project to STEAG

Share

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.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.