Solarhybrid sells 201MW of Israel PV projects to Summit

Jerusalem's start-stop approach to supporting solar energy has frustrated the industry

Solarhybrid has sold the rights to 201MW of early-stage PV arrays in Israel to Summit Energy, as the German developer scrambles to divest its massive project pipeline in the wake of its March bankruptcy.

Solarhybrid purchased a majority share in the Israeli projects in January from another insolvent firm, Sunday Energy. It paid out 9m shekels ($2.4m) upfront, with another 240 shekels/kW to be paid as the arrays were brought to completion.

But the projects have once again changed hands, with Summit to take on 1.5m shekels of Solarhybrid’s existing liabilities in Israel, and to stump up about 25.5m shekels in “earn-out payments” as the projects are brought on line.

Solarhybrid toppled into insolvency in March after the German government took Log in to read complete article.

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