by Staff Writers
Erlangen, Germany (SPX) Nov 22, 2012
The Arenales solar power plant project can be continued. Yesterday, Solar Millennium AG's 26 per cent stake in the project company for the Spanish solar power plant was transferred to the new owner. The activities were bought by STEAG 1 Beteiligungsgesellschaft GmbH, a wholly owned subsidiary of STEAG GmbH, Germany's fifth largest electricity producer.
As Solar Millennium AG's insolvency administrator Volker Bohm of law firm Schultze and Braun announced, Solar Millennium AG receives its invested capital plus a premium, taking the purchase price into the double-digit millions. The full amount of the sales proceeds will be added to Solar Millennium AG's assets.
"Selling the shares to STEAG despite very difficult circumstances and thus ensuring the continuation of this important power plant project is a great success," Bohm emphasised.
"At the same time, the sale generated substantial funds to the benefit of the creditors."
The purchase agreement was signed on 31 July 2012. Since then, the contracting parties have implemented the contractual terms governing the transfer.
In particular, this involved gaining the approvals of the relevant anti-trust authorities and of the banks involved. As these were granted, all conditions for the payment of the purchase price have been met, and the payment was carried out today. The sales process is therefore concluded.
The 50 megawatt solar power plant Arenales is being built near the city of Moron de la Frontera in the Province of Seville/Andalusia. The power plant is under construction.
Solar Millennium AG bought the stake sold today in 2011. After Solar Millennium AG had filed for insolvency, the insolvency administrator had still managed to secure the continuation of the project, thus laying the ground for today's successful sale.
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