Solar Millennium completes sales of 25% stakes in Andasol 1 and 2

Solar Millennium AG sold 25% stakes from the Andasol 1 and 2 solar plants to ACS/Cobra Group, a Spanish company with a history of buying from Solar Millennium. The sale of the stakes improves Solar Millennium AG’s liquidity situation even further and added an earnings effect of €12 million. As a result, Solar Millennium has changed its funding strategy for the Andasol power plants. No other details from the contract were disclosed.

The Andasol 1 and 2 projects were Europe’s first-ever parabolic trough power plants, both of which were developed by Solar Millennium and are currently supplying power to Spain. Upon the completion of Andasol 3, which was implemented in partnership with Stadtwerke München, RWE Innogy, RheinEnergie and MAN Ferrostaal, these power plants will supply about .5 million people with environmentally friendly power. Solar Millennium’s subsidiary Flagsol GmbH of Cologne, Germany supplied solar fields for all three Andasol pants.

Christian Beltle, CEO of Solar Millennium views the sale as “the successful completion of our first two projects in Europe.” He remarked, “The ACS/Cobra Group, who realised both the power plants together with Solar Millennium, made the most attractive offer for the stakes for sale. Thus, we have been able to once again realise an important part of our business model by selling stakes in power plant companies.”

Thomas Mayer, CFO of the company, noted that this transaction “has furthermore improved our liquidity situation [and] once again we are well equipped for the realisation of upcoming power plant projects.” He continued, detailing further international plans: “our project pipeline is also filled to the brim in the US, our next major market. Moreover, we are determined to implement our internationalisation strategy by developing solar power plant projects in other countries.” Solar Millennium Group is also collaborating on the Desertec Industrial Initiative, a project they view as “an important pillar for the safe and economic energy supply in Europe and North Africa.”