The 2.25 GW portfolio, which will change hands, is largely situated in the U.S.’ southwest and includes the huge Blythe solar power plant. The companies hope construction on the one GW Blythe plant could begin in 2013.
The agreement includes a stipulation that Solar Millennium will receive a "significant" profit share once the power plants are completed. The final negotiations behind the agreement are expected to be completed by the end of the month.
While the details of the deal are confidential, solarhybrid has paid the first installments on the purchase price and says that the transaction will be executed through its wholly-owned U.S. subsidiary.
"The agreement on the US projects is not only favorable for Solar Millennium and its shareholders from an economic and strategic point of view," said Solar Millennium CEO Christoph Wolff, "it ensures that our project investments in the US retain their value, adequately involves Solar Millennium in the future earnings of the solar power plants located there and gives the company a clear structure."