Fund Iberosol already closed
The Erlanger project developer Solar Millennium is the Fürth District Court to file for bankruptcy. The postponement of payments for the delivered projects in the U.S. until next year can not sustain the company. Now the major project Iberosol in Spain is on the line.
Solar Millennium, of Erlangen, Fürth District Court is a petition to open insolvency proceedings. After the Erlanger project developer wanted to sell its entire pipeline project in the U.S. solar hybrid, it was rumored already that the company will probably not hold out long. For months, the Erlanger struggling for survival since October and was barely out of the negative headlines. The controversy of Ex-Executive Utz Claassen for damages and the resignation of company founder Hannes Kuhn did the rest. On the stock market slide of the stock of Solar Millennium last from 1.10 € to 45 cents.
Among the hybrid of solar projects in the Sauerland Brilon votes is also the object of prestige in Blythe in the California desert. Originally planned as a parabolic trough power plant, Solar decided to implement Millennium mid-August the first half of the one-gigawatt power plant with photovoltaic. On the grounds that it wanted to concentrate on its core business of parabolic trough and hybrid power plants in Asia, Europe, North Africa and Latin America, they wanted to make the projects in the U.S. at the Sauerland, but remain involved in the project development.
Hole in the fund not to cram
The negotiations between the two German companies on business in the U.S. pull out now already since the beginning of September this year. Although "the greatest possible extent there is agreement on the transaction; major contracts were signed. However, certain conditions for the validity of contracts not yet occurred, "it said in a press release by Solar Millennium. That was until recently one disagreed on the amount and timing of payments on hybrid solar Solar Millennium. The Sauerland wanted the transfer until the next year working, what tears at Solar Millennium a hole in the cash that you can not cram in Franconia as fast.
No investors for Iberosol
Moreover, the Erlanger were no investors after intensive negotiations for entry into the parabolic trough project Iberosol win in Spain. Now this major project is on the line. Already with effect from 20 December is a precaution, the public has issued funds to finance Iberosol closed. It remains unclear however, what happens to the money already paid.
"Both transactions have on the current liquidity requirements also generate funds that would have laid the foundation for further development of society," reads the statement at the opening of insolvency proceedings. "In an effort to obtain for shareholders and creditors existing values, the institutions of society found themselves forced to take this step."
