Solarhybrid subsidiary sells project right to Summit Energy

Solarhybrid Israel, subsidiary of Solarhybrid, recently sold 201MWp of project rights, which it originally bought in January for US$2,391,705, to Summit Energy of Israel. Under the agreement, current liabilities of Solarhybrid Israel amounted to US$398,617.50, while earn-out-payments in connection with the acquisition of the project rights totaled US$5,580,645.

The companies advised that Summit will make earn-out-payments to Solarhybrid Israel of up to US$1,195,852.50 once the projects reach completion. The news comes one month after Solarhybrid revealed that it had filed for insolvency in the local Arnsberg, Germany court.