The U.S. subsidiaries of Germany-based Solar Millennium AG – including Solar Trust of America and Solar Millennium Inc. – have filed for bankruptcy in a Delaware court.
When the German parent company filed for bankruptcy last December, Solar Trust of America insisted that its operations would be unaffected.
However, since Solar Millennium AG's insolvency filing, it has ‘ceased to provide any funding whatsoever’ to Solar Trust of America, according to court papers cited by Bloomberg. Solar Millennium Inc., Solar Trust of America and related units had assets totaling less than $100 million and debt totaling more than $500 million at the time of the bankruptcy filing.
Solar Trust of America is currently building the 1 GW Blythe solar plant in Riverside County, Calif. The plant received a U.S. Department of Energy loan guarantee last April. Originally designed to be a concentrating solar power plant, the project was switched to PV technology in August.
