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 companys 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.