The subsidiary acquired the project rights, worth 201 megawatts (MW), in Jaunary 2012, for NIS 9 million (around 1.82 million) and earn-out payments in connection with the acquisition of rights, worth NIS 21 million (4.25 million).
It has now sold the rights on to Summit for NIS 1.5 million, for the settlement of solarhybrid Israel's liabilities, and the takeover of aforementined earn-out payments. If the photovoltaic projects are implemented, Summit will have to pay solarhybrid Israel additional earn-out payments worth up to NIS 4.5 million.
Large-scale photovoltaic project developer, solarhybrid AG filed for bankruptcy on March 21, following the German government's announcement that feed-in tariffs would not be paid to projects bigger than 10 MW.
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