Solar Millennium sale process begins

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These include the American subsidiary Solar Trust as well as other holdings. Solar Millennium has developed and financed solar power plants worldwide. "Solar Millennium has, with its internationally experienced project development team, considerable know-how," Böhm said at a meeting today at the company’s headquarters in Erlangen,Germany.

Böhm has commissioned the consultancy Deloitte with the task of looking for investors. "The investor-process that has begun now will make it possible to identify the values of the existing projects and investments according to market standards," said Böhm.

A particular challenge in the sales process is the heterogeneous structure of the company portfolio. Solar Millennium has around 60 companies and global company investments in many countries like Germany, the U.S. and Spain as well as Israel, Morocco, Turkey and Egypt. Underlying contracts in these countries were concluded mainly under national law. The projects are primarily in the early stages of development. Only one power plant is completed and another under construction.

Additionally, the projects are jointly implemented with industrial partners. This means that the sale or use of the projects have to be negotiated seperately, case by case, with a variety of partners. And in some cases, there is the possibility that other shareholders are also entitled to Solar Millennium shares as a result of the insolvency proceedings. This makes the process harder as Böhm says. The insolvency team and the corporate team are hard at work for solutions, under high pressure.

The wage and salary payments of 60 employees who are affected by the insolvency proceedings are secured thanks to insolvency funds for three months, that is until February. Solar Millennium’s labor list still holds around 250 employees who are still not affected by the bankruptcy yet.