Solar Millennium sells 16% stake in Ibersol project

(ADPnews) - Nov 4, 2010 - German solar thermal power plants maker Solar Millennium AG (ETR:S2M) yesterday said it sold a 16% stake in the Spanish Ibersol project to ExtremaSol Kraftwerks GmbH -- an investment company of German ICM InvestmentBank AG.

Financial details on the deal, prior to which Solar Millennium held 50% in the project, were not disclosed.

At the same time, Solar Millennium sold profit participation rights in Ibersol Kraftwerks GmbH -- an investment company that holds 17% in the Spanish project -- to the Ibersol Fund. Solar Millennium established the latter to enable private investors to directly benefit from the earnings of a solar thermal power plant.

Solar Millennium expects a total payout of 275% for the Ibersol Fund.

So far, the Ibersol project was equally owned by Solar Millennium and German energy project developer Ferrostaal AG. The parabolic solar thermal facility will be located in western Spain and will have a total capacity of 50 MW. Connection to the grid is scheduled for early 2013.

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