http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar-by-technology-renewable-energy-news/solar-millennium-sells-stake-in-ibersol-plant-to-extremasol.html

Solar thermal developer Solar Millennium has sold a 16 per cent stake in its Spanish Ibersol power plant to an investment branch of German group ICM InvestmentBank, ExtremaSol Kraftwerks, for an undisclosed amount.

It sold the stake in the plant to ExtremaSol on Friday to provide construction financing, while simultaneously selling profit participation rights in Ibersol Kraftwerks, the investment company that holds a 17 per cent shareholding in the plant, to Ibersol Fonds.
ICM InvestmentBank spokesperson Dr Norbert Hagen said, ‘By closely observing the market over the last few months we realised 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.’
By continuing to hold shares in the project alongside Ferrostaal, Solar Millennium intends to raise the remaining project funds through listing a bond for trading on the stock exchange, and forecasts a total payout of 275 per cent including capital redemption for the Ibersol fund. The corresponding prospectus was approved by the Federal Financial Supervisory Authority last week, it said.
Solar Millennium said it continuously adapts its financing strategy to market situation and demand and has revealed the company structure of the Ibersol plant is open to further investment. The developer also said it is already in advanced negotiations regarding the entry of additional institutional investor groups into financing the Ibersol project.
Slated for grid-connection in 2013, the proposed 50MW Ibersol parabolic trough plant will be the fourth installation that Solar Millennium has developed in southern Spain. The project was granted pre-registration by the Spanish government towards the end of last year, ensuring that it will receive the country’s feed-in tariff.
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.’
Like its three sister Andasol projects in the Spanish province of Andalusia, the third of which is due to be constructed next year, Ibersol will feature large thermal storage facilities. Solar Millennium is also in the process of developing what is slated to be the largest solar project in the world near Blythe in California.