Solarstrom sells four projects

Insolvent German PV developer SAG Solarstrom has concluded the sale of the 10.1MW Jüterbog project and three other solar parks to an institutional investor for a low double-digit million euros figure, which will be used to repay a project-related bridging loan from Deutsche Bank.

The sale had been delayed due to the insolvency of a component supplier and several service providers. SAG Solarstrom thus didn’t receive an amount in the high single-digit million range from the closing of the German projects in November and December 2013 as expected.

The company in December had declared insolvency, at first under self-administration, and from March 1 on as general insolvency, after refinancing talks failed.

“With the successful conclusion of sale of the Jüterbog project, the largest individual project of the German projects mentioned, SAG Solarstrom AG has repaid the greater portion of the project-related bridging loan for these projects,” the developer said in an ad-hoc statement to the stock exchange.