21 December 2011
Following closely on the heels of German solar module maker, Solon, Solar Millennium today announced insolvency.
The company stated in a press release today that it has been in "a very advanced state of negotiations on the sale of its US pipeline." With some agreements underway and contracts signed, certain conditions have not yet been met and "a binding confirmation on the amount and time of the cash flows could not be obtained until last."
Solar Millennium is a founding member in the Desertec initiative (see “Desertec Update”). The company developed the first parabolic trough power plant in Europe (Andesol 1). A year ago Solar Trust of America, LLC. Announced that Solar Millennium, its project development subsidiary had secured a decision to build the 500MW Palen Solar Power Project and the 1000MW Blythe Solar Power Project.
The press release states that the Management Board and the Supervisory Board regret the development, but that had the transactions taken place, they "would have generated funds beyond the current need for liquidity."
