Solar Millennium AG, Erlangen and solarhybrid AG, Brilon will pave the way for the construction of major solar power plants in the US starting in 2013. In the evening from Wednesday to Thursday, the companies conditionally agreed that solarhybrid will take over Solar Millennium’s 2.25 gigawatt project portfolio in the American Southwest and use the location to build solar power plants in order to generate electricity for millions of people using state-of-the-art photovoltaic technology. The agreement stipulates that Solar Millennium AG will receive a significant profit-share upon construction of the power plants in the US in addition to being reimbursed its entire investment in the projects.
Both companies expect the negotiations to be successfully concluded in October 2011. solarhybrid has already paid the first installments on the purchase price. The transaction is subject to another positive due-diligence assessment by solarhybrid. It is possible that other industry partners will be included in the project. The companies have agreed to keep the details of the transaction confidential. solarhybrid AG expects to execute the transaction through its wholly-owned subsidiary solarhybrid USA LLC, which as the general contractor will take on the engineering, the purchase of components and the construction of the plants (EPC).
solarhybrid USA will use the project development capacities of the Solar Millennium Group as much as possible.
