S.A.G. Solarstrom sells 2 project companies

As a result, Japanese investor Sumitomo Corporation has acquired 85 percent of Energia Rinnovabile S.r.l. (4.995 megawatts peak (MWp)) and Energy Power S.r.l. (4.7064 MWp). Under the contract, S.A.G Solarstrom will receive cash and cash equivalents in the amount of €41 million in the first quarter of this year.

The German company will own the remaining 15 percent, which corresponds to around 1.45 MWp, thus increasing its power plant portfolio to 20 MWp.

"Apulia has a specific solar irradiation of 1,460 kWh/kWp. Both projects benefit from the attractive 2010 feed-in tariff, while exhibiting an excellent overall performance. We therefore decided to retain 15 percent of the two project companies," comments says Karl Kuhlmann, CEO of S.A.G. Solarstrom.

He adds: "We are pleased that the final expert’s report and the tests substantiated the quality of the projects and that we were able to successfully conclude the sale as a result," adds Kuhlmann. “We can now use these funds to push ahead with our major project of 48 MWp in the Venice region as planned, but at the same time have secured a part of these very interesting projects for our own power plant portfolio. We want to continue to expand this portfolio over the next few years."