PV plant developer S.A.G Solarstrom has sold a collection of German projects.
The sale of what S.A.G Solarstrom claims is its largest German project in Jüterbog is now complete
The Arneburg 10MW solar park and three other solar parks has been sold to an institutional investor.
The sale was delayed due to insolvency measures of a component supplier and other service suppliers. Consequently, S.A.G Solarstrom did not receive the higher million euro price figure it expected from other project sales in Germany, during November and December last year. Delays in payments related to a number of projects in a number of European markets forced the developer to apply for insolvency.
S.A.G Solarstrom will receive a double digit million euro figure from the sale, which it will use to repay a project-related bridging loan from Deutsche Bank.
S.A.G Solarstrom paid the highest portion of its Deutsch Bank loan with the Jüterbog project sale, after this repayment, a single digit, million euro price figure will remain from the sale, to be paid to S.A.G Solarstrom over the second quarter of 2014.