Solarstom sells last German projects
Insolvent German PV developer SAG Solarstrom has concluded the sale of the last three of its German PV projects with a combined capacity of 5MW for a "middle one-digit million euro figure".
The sales, together with the disposal earlier this year of a 10.1MW PV plant in Jüterbog and the sale of its Italian portfolio that is expected in coming weeks, will bring the company a delayed revenue of about €20m ($26.7m), the lack of which in late 2013 had been the cause of a liquidity squeeze that led to SAG Solarstrom's insolvency.
"The revenue flows allow us to evaluate the strategically best option for the group in the investors process, which at the same time will also benefit the creditors of the group in the insolvency process," says insolvency administrator Jörg Nerlich from the Görg law firm in Cologne.
Asian, North American and European-focused companies are interested in the German developer, SAG Solarstrom says.
The due diligence of SAG Solarstrom's asset has taken longer than expected, however, due to "complex legal and tax issues," Nerlich said.