S.A.G. Solarstrom sells its largest German project

Share

Germany's troubled solar PV developer S.A.G. Solarstrom announced at the weekend the sale of its largest PV plant in Germany in a move that will help ease the company’s cash-flow troubles.

An official company press release revealed that the 10.1 MW Solarpark Arneburg was sold to an institutional investor for a sum in the range of low double-digit millions (euro). Three other solar parks were also sold to the investor, with the money raised to be used to repay the project-related bridging loan from the Deutsche Bank.

Solarstrom had expected to complete the sale sooner, according to the press release, but the legal transfer was delayed as a result of a component supplier's insolvency proceedings, which slowed down cash flow for all concerned.

However, the sale of this project means that S.A.G. Solarstrom has now repaid the greater portion of the project-related bridging loan, and the company is in line to receive funds in the high single-digit million range for the expected remaining conclusions of project sales over the second quarter of the year.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.