Solarhybrid in Solar Millennium takeover deal

Following prolonged negotiations, Germany's Solarhybrid AG has acquired Solar Millennium AG’s 2.25 GW U.S. photovoltaic pipeline.

Under the deal, solarhybrid has taken over project holding companies Solar Millennium Capital GmbH and SM USA 2 GmbH. In addition to receiving the aforementioned project pipeline, solarhybrid now also holds a 70 per cent stake in Solar Trust of America LLC.

While it declined to disclose the purchase price, solarhybrid did say that payment will be linked to the achievement of certain milestones, such as the conclusion of power purchase agreements.

It added, "Solar Millennium will receive an additional deferred payment, if individual projects from the U.S. power plant pipeline are resold. However, the power plants do not have to be realised by solarhybrid."

The deal was supposed to have been finalized back in November.

Following the news, solarhybrid and First Solar should now be looking to firm up their joint venture agreement, announced last November 17.

According to the two parties, should the Solar Millennium photovoltaic pipeline acquisition go ahead, First Solar would supply its thin film modules to projects in Blythe, worth one GW and Palen, worth 500 MW.

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