Solar Trust of America and Solar Millennium Inc., the U.S.-based subsidiaries of German company Solar Millennium AG, have filed for bankruptcy in a Delaware court.
Solar Millennium AG filed for bankruptcy in December 2011. Since the insolvency filing, it has stopped provide any funding to Solar Trust of America, according to court papers cited by Bloomberg. Solar Millennium Inc., Solar Trust of America and related units reportedly had assets totaling less than $100 million and debt totaling more than $500 million at the time of the filing.
Solar Trust of America is currently building the 1 GW Blythe solar project in California. It was initially planned to be a concentrating solar project, but the 500 MW first phase was switched to photovoltaic technology in August due to improved market conditions of PV. The project also received a $2.1 billion U.S. Department of Energy loan guarantee in April 2011.
Read more financial news