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Germany-based Solar Millennium has conditionally agreed to sell a project pipeline with a combined capacity of 2.25GW in the south-west of the US to solarhybrid, also based in Germany.
As part of the arrangement Solar Millennium will receive a significant profit-share upon construction of the facilities in addition to being reimbursed for its entire investment in the plants. The companies said they expect negotiations on the deal to be completed by the end of this month and solarhybrid has already paid the first instalment on the purchase price which has not been disclosed.
It is possible other industry partners will be involved in construction on the developments. Solar Millennium said that it will now focus on realising new and planned solar thermal and hybrid plants in Europe, Asia, North Africa and Latin America as well as expanding existing technology platforms.
Christoph Wolff, CEO of Solar Millennium, said, 'The agreement on the US projects is not only favourable for Solar Millennium and its shareholders from an economic and strategic point of view. It ensures that our project investments in the US retain their value, adequately involves Solar Millennium in the future earnings of the solar power plants located there and gives the company a clear structure.'
Solar Millennium specialises in solar thermal technology but recently made the decision to switch the first 500MW of a project in California to use photovoltaic (PV) panels because of prevailing economic conditions.
Earlier this month solarhybrid upgraded its revenue forecast for the year on the back of two orders worth a combines €72.5m.
