Solar Millennium AG, which filed for insolvency last year and began bankruptcy proceedings this February, has sold its stake in the 50 MW Arenales concentrating solar power (CSP) project near Seville, Spain, to a unit of German utility Steag GmbH.
The stake was sold for a ‘double-digit million euro’ amount totaling more than the company's equity investment, according to a statement from Solar Millennium's administrator Volker Boehm, as cited by Bloomberg.
The Arenales project is currently under construction.
