Solar Trust of America, an integrated solar energy company and developer of the Blythe solar power project, says the bankruptcy of its majority owner, Solar Millennium AG, will not affect its operations.
The bankruptcy proceedings, filed this week in a German court, do not directly impact Solar Trust of America, a Delaware limited liability company, Solar Trust of America explains.
In addition, the board of directors at solarhybrid – which is purchasing Solar Trust of America's projects in the U.S. – has now approved several agreements with Solar Trust of America, Solar Millennium and several respective affiliates. These agreements cover the purchase of projects with a total capacity of 1.75 GW.
The agreements are still conditional upon further approvals by involved parties and upon further due diligence expected to be concluded in the first quarter of 2012, Solar Trust of America adds.
‘The solar power market has changed radically in a short time,’ says Uwe T. Schmidt, chairman and CEO of Solar Trust of America. ‘Earlier this year, Solar Trust of America made the tough but correct choice to change the technology of its projects from solar thermal to PV. With solarhybrid, we will soon complete that conversion and proceed with construction of a number of the largest solar power facilities in the world.’