Solar Millennium Jumps After U.S. Project Sale: Frankfurt Mover
Solar Millennium AG (S2M), the German solar-power developer that filed for creditor protection in December, rose to a one-week high after selling its 2.25 gigawatts of U.S. projects to Solarhybrid AG. (SHL)
Solar Millennium climbed 3.2 percent to 33 euro cents at the close in Frankfurt, the highest since Jan. 30, after selling two project-holding companies, including a 70 percent stake in its Solar Trust of America unit. Solarhybrid, based in Brilon, Germany, advanced 2 percent to 6.53 euros.
Solar Millennium filed for insolvency on Dec. 21, citing slow progress in selling its U.S. projects and failure to reach an agreement on bringing in investors for its Ibersol venture in Spain. Solar Trust is developing a 1-gigawatt facility in Blythe, California.
The U.S. project sale is subject to the conclusion of power-purchase agreements, Erlangen-based Solar Millennium said in a Feb. 3 statement, without disclosing financial terms.
To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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