Solar-thermal power plant specialist Solar Millennium has agreed to sell its 2.25 GW project pipeline in the US, including the 1 GW Blythe project in California, to Solarhybrid.
Solar Millennium said it would focus its future business plans on planned solar-thermal and hybrid power plants in Europe, Asia, North Africa and Latin America.
Solarhybrid plans to supply engineering, procurement and construction (EPC) services for all its new portfolio, which is mainly in the southwest of the US.
Solar Millennium CEO Dr Christoph Wolff described the agreement as favourable for Solar Millennium and its shareholders from an economic and strategic point of view.
“It ensures that our project investments in the US retain their value, adequately involves Solar Millennium in the future earnings of the solar power plants located there and gives the company a clear structure,” he said.
The agreement stipulates that Solar Millennium will gain a “significant” profit share once the power plants are completed.
“With this exciting transaction we would gain unparalled access to the US market and successfully achieve a significant milestone in the internationalisation of our business,” added Solarhybrid CEO Tom Schröder.
For more solar news click here