Solarhybrid Buys Solar Millennium’s 2.25-Gigawatt U.S. Pipeline

Solar Millennium AG, a German renewable energy developer that filed for insolvency Dec. 21, sold its 2.25 gigawatts of U.S. projects in development to Solarhybrid AG.

Solar Millennium sold two project holding companies, including a 70 percent stake in its U.S. unit Solar Trust of America LLC, the Erlangen-based developer said today in a statment. The price wasn’t disclosed. Payment is linked to achieving certain milestones, such as signing power-purchase contracts for the projects.