Solar Millennium has sold an additional 16% of stakes in the Ibersol power plant project to ExtremaSol Kraftwerks, an investment company belonging to the I.C.M. InvestmentBank Group, Berlin. Solar Millennium also sold profit participation rights in the Ibersol Kraftwerks investment company, which holds 17% in the Spanish Ibersol power plant project to the Ibersol Fonds. The corresponding prospectus was approved by the Federal Financial Supervisory Authority (BaFin) at the end of October.
Ibersol is the fourth power plant project developed by Solar Millennium in the South of Spain. Solar Millennium and Ferrostaal continue to hold stakes in the 50MW parabolic trough power plant, to be built in the southern Spanish Extremadura province.
ExtremaSol will now be involved in construction financing for the Ibersol plant, submitting the required funds by issuing its own bond, which should also address institutional investors and family offices.
By establishing the Ibersol Fund, Solar Millennium offers private investors another possibility to directly benefit from the earnings of a solar-thermal power plant. The company forecasts a total payout of 275% including capital redemption for the Ibersol Fund (before asset-based fees and German withholding tax).
Oliver Blamberger, CFO of Solar Millennium said, “Besides the performed sales, we are planning further sales of stakes to investors following the example of Andasol 3 as provided for by our business model.”
“By closely observing the market over the last few months we realized that there is considerable interest in this type of investment product. I am convinced that we will be able to place the planned “electricity” bond for financing our power plant stake very fast,” said Dr. Norbert Hagen, spokesman of the management of I.C.M.
The acquisition price of the stakes paid by ExtremaSol Kraftwerks GmbH was not disclosed. Following approximately two and a half years of construction, the power plant is expected to be connected to the grid in 2013.