Under the terms of the agreement, Solarhybrid, which builds photovolatic facilities, will reimburse Solar Millennium for its investment in the plant portfolio, which together would have a capacity of 2.25 GW, plus a share of any profits the projects yield.
Start of construction of one of those projects, the Blythe solar power plant in California, could come as early as 2013.
"The agreement on the US projects is not only favorable for Solar Millennium and its shareholders from an economic and strategic point of view,” said Dr. Christoph Wolff, CEO of Solar Millennium AG.
“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," Wolff said.
Solarhybrid has already paid the first installments of the purchase price, but completion of the sale is pending the completion of due diligence by Solarhybrid, a process that is expected to be completed later this month.
It is possible that other industry partners will be included in the project, the companies said in a written statement.
Solarhybrid AG is carrying out the transaction through a wholly-owned subsidiary, Solarhybrid USA LLC, which as the general contractor will take on the engineering, the purchase of components and the construction of the plants (EPC).
Solar Millennium, meanwhile, said it will focus on realizing new and already planned solar-thermal and hybrid power plants in Europe, Asia, North Africa and Latin America and expand its respective technology platforms.
The company just inaugurated the new Andasol 3 solar power plant in Spain.
In the US, the company said it will be available as a project partner as soon as the demand for storable solar energy starts growing once again, as parabolic trough technology being its specialty.
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