The sale of collapsed firm Solar Millennium AG's 26 % stake in the 50 MW Arenales Spanish solar project to Germany’s STEAG 1 Beteiligungsgesellschaft GmbH has been finalised.
According to local reports, the sale of the 26% stake to STEAG 1 Beteiligungsgesellschaft GmbH, a wholly owned subsidiary of Germany's fifth largest electricity producer, STEAG GmbH, had been agreed as far back as July this year.
However, the deal could not be finalised until both parties had secured the approval of the relevant anti-trust authorities and of the banks involved.
No figure has been given for the sale price but it is reported that the full amount of the sales proceeds will be paid out to Solar Millennium's creditors. Solar Millennium filed for insolvency at the end of 2011.
The 50MW solar power plant Arenales is being built near the city of Morón de la Frontera in the Province of Seville/Andalusia. Solar Millennium AG had bought the stake in 2011. The power plant is still under construction.
Earlier this year PV-Tech reported how Volker Böhm, insolvency administrator for Solar Millennium, had sold the company’s stake in Flagsol to industrial solutions provider Ferrostaal.