Solar Millennium finalises sale of stake in Arenales solar project

(SeeNews) – Nov 21, 2012 – Insolvent photovoltaic technology company Solar Millennium AG (ETR:S2M) said on Tuesday it had completed the sale of its 26% stake in the project company, responsible for the Spanish solar plant Arenales, which has a capacity of 50 MW.

The stake was sold to a subsidiary of German power company Steag. The purchase price stood in the double-digit million euro range.

The deal was finalised following the approval of the anti-trust authorities, Solar Millennium said.

Part of the proceeds from the sale will be paid out to the company’s creditors.

The 50 MW Arenales solar plant is currently under construction near the city of Moron de la Frontera in southern Spain. Solar Millennium acquired a stake in the plant's developer in 2011.

Solar Millennium was forced to file for insolvency just before the Christmas holidays in 2011 due to delays on major projects, particularly in the US and Spain. The insolvency proceedings were initiated at the end of February.

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