Solar Millennium: Insolvency administrator sells Andasol shares
Erlangen, 12 July 2012. The insolvency administrator of Solar Millennium AG, Volker Böhm, today sold off Solar Millennium's 13% share in the Andasol 3 project by selling the Andasol 3 Kraftwerk GmbH. The purchaser is Andasol 3-Fonds GmbH & Co. KG, also the economic beneficiary of the project.
This sale has created the prerequisite for bringing the project to a successful completion, which consequently would result in considerable funds flowing to the insolvent Solar Millennium AG. Firstly, Solar Millennium AG would retrieve the double-digit million loan granted for the project. Furthermore, once the next project milestone has been achieved, part of the project development fee and the purchase price as originally agreed upon, would be paid out to Solar Millennium AG. Once the project company has fully taken over the power plant, further payments totalling several millions will be due. This is expected to be the case in 2013.
"In total, this could mean additional funds of up to EUR 36m for Solar Millennium AG creditors," underlines Böhm, the insolvency administrator, after signing the contract of sale. "I am very happy that, despite the difficult situation, it will be possible to save part of the capital invested for the investors." Böhm went on to say, that, at the same time, this also creates the pre-requisites necessary for the continuance of the fund.
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This press release constitutes neither an offer to sell nor the solicitation of an offer to buy any securities of Solar Millennium AG. The press release shall not form the basis for investment decisions regarding securities of the company. Any such investment decision of a prospective investor shall be based solely on such prospective investor's own investigations and assessments.
This release contains forward-looking statements. These statements are not a description of past facts, but rather relate to expectations and opinions of Solar Millennium AG. These statements are based on current plans, assessments and forecasts of the company. Investors should not rely on these statements. Forward-looking statements must be understood in the context of the circumstances existing at the time when they were made. The company assumes no obligation to update the forward-looking statements in this release based on new information or future events. Forward-looking statements always involve risks and uncertainty. Due to a multitude of factors, actual events and actual developments may differ significantly from the forward-looking statements contained herein. This press release was originally prepared in German. The translation of this release or parts thereof is considered as a service for journalists, analysts and investors who are not able to understand German. Only the German version is legally binding.