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solarhybrid AG aquires US project pipeline from Solar Millenium AG
The purchase agreement is subject to the condition precedent that solarhybrid will replace letters of credit, which Solar Millennium granted in association with the US projects, by 31 March 2012.
The companies have agreed to keep the purchase price confidential. Payment is linked to the achievement of certain milestones, particularly to the conclusion of power purchase agreements. Solar Millennium will receive an additional deferred payment, if individual projects from the US power plant pipeline are resold. However, the power plants do not have to be realised by solarhybrid.
The supervisory board of solarhybrid and the interim insolvency administrator of Solar Millenium have approved the agreement.
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