2012-07-12 Solar Millennium AG

Solar Millennium:
Insolvency administrator sells Andasol shares

Erlangen, 12 July 2012 – The insolvency administrator of Solar Millennium AG, Volker Böhm, today sold off Solar Millennium's 13% share in the Andasol 3 project by selling the Andasol 3 Kraftwerk GmbH. The purchaser is Andasol 3-Fonds GmbH & Co. KG, also the economic beneficiary of the project.

This sale has created the prerequisite for bringing the project to a successful completion, which consequently would result in considerable funds flowing to the insolvent Solar Millennium AG. Firstly, Solar Millennium AG would retrieve the double-digit million loan granted for the project. Furthermore, once the next project milestone has been achieved, part of the project development fee and the purchase price as originally agreed upon, would be paid out to Solar Millennium AG. Once the project company has fully taken over the power plant, further payments totalling several millions will be due. This is expected to be the case in 2013.

"In total, this could mean additional funds of up to EUR 36m for Solar Millennium AG creditors," underlines Böhm, the insolvency administrator, after signing the contract of sale. "I am very happy that, despite the difficult situation, it will be possible to save part of the capital invested for the investors." Böhm went on to say, that, at the same time, this also creates the pre-requisites necessary for the continuance of the fund.

Press contact
Mail: Presse@schubra.de, Phone: +49 179 1009080

Questions & Answers on the Initiation of Insolvency Filing:

Additional information:
  • 2013-03-14 Additional Millions for Solar Millennium Creditors
  • 2012-11-20 Continuation of Arenales solar power plant project secured
  • 2012-07-06 Solar Millennium AG: Insolvency administrator sells Flagsol stake to Ferrostaal
  • 2012-03-26 Solar Millennium: insolvency administrator installs new management for US companies
  • 2012-03-21 Solar Millennium: the search for investors for the US business continues
  • 2012-02-28 Solar Millennium: Insolvency proceedings initiated
  • 2012-02-03 Solar Millennium: Investor acquires US project business
  • 2012-01-05 Solar Millennium: Selling process has started
Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung mbH
http://www.schubra.de, Email: mail@schubra.de