2012-02-03 Solar Millennium AG

Solar Millennium: Investor acquires US project business


Nuremberg. The interim insolvency administrator Volker Böhm was able to transfer the first key investment, the US project business, to an investor in the scope of the sales process on behalf of Solar Millennium AG.

Böhm announced today that he sold the US shareholdings of Solar Millennium, including the 70% share in Solar Trust of America LLC, to solarhybrid AG, a company headquartered in Brilon, a city in the German Sauerland region. As such, all the power plant projects within the US are transferred, including the Blythe Solar Power Project.
All projects together have a maximum power generation capacity of a total of 2.25 gigawatt.

The sales contract was concluded under the condition precedent that solarhybrid AG will by 31 March 2012 release the guaranties that Solar Millennium furnished in connection with the US projects. Since these guarantees are secured with cash in the million dollar range, the release would result in a considerable inflow of funds at Solar Millennium AG.
With the execution of the contract as of today, solarhybrid has contractually undertaken to finance the American business.

The acquisition price was not disclosed. Payment is linked to the reaching of certain milestones as is usual with the sale of ongoing projects. This pertains, in particular, to the conclusion of power purchase agreements.
Solar Millennium AG is to be paid an additional sales price when individual projects from the US power plant pipeline are sold.

"Since Solar Millennium was no longer able to finance the American investments like in the past, the fast conclusion of a transaction with an investor was essential", Böhm emphasizes. "Now it only remains to be seen how the sales process develops for the other parts of Solar Millennium. Our first talks with potential investors have shown that the group of truly interested parties is rather limited."

Press spokesman: Nico Krespach
E-mail: NKrespach@schubra.de, phone: 07841/708-0

Questions & Answers on the Initiation of Insolvency Filing:
http://www.schubra.de/en/insolvencyadministration/solar_millennium/solar_millennium.php

Additional information:
  • 2013-03-14 Additional Millions for Solar Millennium Creditors
  • 2012-11-20 Continuation of Arenales solar power plant project secured
  • 2012-07-12 Solar Millennium: Insolvency administrator sells Andasol shares
  • 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
  • 2012-01-05 Solar Millennium: Selling process has started
Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung mbH
http://www.schubra.de, Email: mail@schubra.de