Project Focus: Solar Millenium completes sale of stakes in Ibersol plant to Ferrostaal

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Solar Millennium has now sold 50% of the stakes in the Ibersol power plant project to Ferrostaal. The 50MW parabolic trough power plant, located in the province of Extremadura, is the fourth power plant project to be developed by Solar Millennium in southern Spain.

Solar Millennium has also prepared the shareholder structure of the Ibersol project for the involvement of additional institutional investors. To this end, the company repurchased 25% of the Ibersol project stakes from the holding company Cross Capital, Zug (Switzerland).

Cross Capital had originally acquired these stakes indirectly from Solar Millennium in October 2009. By repurchasing the stake, Solar Millennium allows institutional investors to enter into the Ibersol project and to prepare a fund for private investors. According to the executive board’s assessment, the negotiations over the involvement of institutional investors are going well.

Thomas Mayer, spokesman of Solar Millennium’s executive board said, “With Ferrostaal investing in our next Spanish project, we remain true to our business model. With Ibersol, our fourth Spanish project is nearing the homestretch. Hence, Solar Millennium has significantly contributed to a global distribution of the parabolic trough technology.”

Following its investment in the project, Ferrostaal will take part in the project development costs and help finance the power plant components that have already been ordered. All other measures in the run-up to the Ibersol construction will be realized on a pro rata basis in the future. Flagsol, Cologne, the joint venture of Solar Millennium and Ferrostaal, will be largely responsible for engineering and construction.

The sale of stakes to Ferrostaal is still subject to approval by German antitrust authorities (Bundeskartellamt). In addition, the transfer of stakes in the Ibersol project company to a German holding company must be made legally effective according to Spanish law. Both of these procedures are expected to be completed by the end of September 2010 while the plant is expected to be connected to the grid after two and a half years of construction in spring 2013.

The transaction is subject to neither further board approvals nor other conditions precedent. The acquisition price has not been disclosed.

10 November 2021
The solar tracker market continues to mature at breakneck speed, with designs and component selections becoming ever-more complex in the pursuit of better project economics. But a more simplistic design could deliver a triple benefit of lower Capex, EPC and Opex costs. This webinar will set out the ideal single axis tracker design for utility-scale solar farms. The design leapfrogs from decades of experience, with a comprehensive understanding and attention to the three cost structures of Capex, EPC and Opx. Sun and Steel Solar has prototyped a single axis tracker designed to deliver up to US$0.03/W in real savings compared to existing single axis trackers on the market. That’s US$30 million for every gigawatt deployed.
15 November 2021
The 10th edition of the famous Metallization and Interconnection Workshop, MIW2021, will take place in the Thor Central venue in Genk, Belgium, on Monday, November 15, and Tuesday, November 16, 2021 as a face-to-face meeting. We are longing for direct exchange of knowledge and ideas after a long time. Hopefully you can be part of it! But of course, the organizors will keep an eye on the evolution of the Covid pandemic. It will be assess carefully, whether the workshop can be held without major risks or excessive restrictions. We are looking forward to exciting talks, discussions and meetings and to welcoming you in Genk!
23 November 2021
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 23-25 November at the NEC.There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 
1 December 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content, access to session recordings and chat/messaging tools for delegates to connect.
2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.

Read Next

October 25, 2021
Global renewables industries are expectant as COP26 looms, however supply chain volatility has continued to dent deployment prospects going into a crucial decade. We discuss this and much more in this month's Solar Media Podcast.
October 25, 2021
NextEra Energy Partners (NEP) has agreed to buy a 50% stake in a 2.5GW renewables portfolio and enter into a US$824 million convertible equity portfolio financing that includes the acquired assets
October 25, 2021
Despite delays and supply chain disruptions caused by COVID-19, global solar PV employment increased by 6% last year to reach nearly 4 million, according to a new report from the International Renewable Energy Agency (IRENA).
October 25, 2021
Europe’s leaders have called on the European Investment Bank (EIB) to investigate how to speed up investment in the energy transition to reduce the risk of future energy price crises.
October 25, 2021
South African public utility Eskom has signed a Memorandum of Understanding (MOU) with mining companies Exxaro and Seriti Resources to help decarbonise their operations by deploying solar PV
October 25, 2021
Oil and gas company Galp has secured loans from the European Investment Bank (EIB) to support the construction of more than 2.1GWp of solar projects across Spain and Portugal.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021