Solarhybrid's Solar Millennium PV pipeline takeover postponed

Share

Back in October, Solar Millennium announced that it would sell its 2.25 gigawatt (GW) U.S. photovoltaics pipeline to turnkey developer solarhybrid. While the details of the deal were confidential, solarhybrid was said to have paid the first installments on the purchase price.

Then in November, solarhybrid said it was in talks with First Solar to form a joint venture, which would see First Solar supply its thin film modules to projects in Blythe, worth one GW and Palen, worth 500 megawatts, if the takeover went ahead.

Now Solar Millennium has said that it "no longer believes that the transaction will be concluded before the end of the current year".

In a statement released, it added, "Although Solar Millennium and solarhybrid have reached a general understanding in terms of the substance and have signed significant agreements, certain conditions for the effectiveness of the agreements have not yet been met. Solarhybrid AG has pointed out to Solar Millennium, among other factors, that it needs more time for internal coordination and negotiation in the US."

Both parties say they are still said to looking to carry out the transaction as planned, "if possible".

The statement concluded, "The Executive Board of Solar Millennium AG reviews the consequences and options resulting overall from the current circumstance for the business in the US and for the Solar Millennium Group."