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Solar Millennium files for insolvency

The move follows difficult negotiations and delays as the company attempts to sell of its U.S. projects, including the 1GW Blythe development in California.

 Announcing the plans to call in the insolvency administrators in a statement, Solar Millennium reported that “agreement existed" to a large extent on the sale of projects and that "substantial contracts had already been signed".Solarhybrid AG and First Solar had been expected to form a joint venture (JV) to take over Solar Millennium AG's US solar project pipeline, including the 1 GW Blythe project.

But the company has failed to conclude the deals, and hasn't been able to find new investors for its Ibersol 50MW CSP project in Spain.

"Both transactions would have generated funds beyond the current need for liquidity, which would have laid the foundation for a further development of the company,” Solar Millennium says. But, as the situation has developed, the company bodies felt "impelled" to call in the administrators.

Solar Milennium had been in the process of trying to switch projects (like Blythe) away from CSP to PV - due to the reducing costs of PV in contrast to Parabolic Trough CSP technology. 

Earlier this month,  SOLON SE also filed an application for the opening of insolvency proceedings.

 

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity

 

Comments

ytpower said

28 December 2011
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Website:www.ytsolarpower.com

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