Solar Millennium Sells Stake in Andasol CSP Projects

Solar Millennium AG has reached an agreement regarding the sale of its shares in the Andasol power plants to an undisclosed solar fund. The transaction is subject to board approvals and the company has agreed not to disclose details prior to the approval of the governing bodies.

The development comes as Andasol 1 starts its test run prior to grid connection. With a collector area of more than 510,000 square meters the project consists of 312 rows of collectors with a total length of around 90 km and roughly 210,000 parabolic mirrors.

Adjacent to Andasol 1, the two sister projects Andasol 2 and 3 are currently being set-up. While only the early works have begun at Andasol 3, 75% of Andasol 2’s solar field and storage tanks are already completed. Andasol 2 should start to produce electricity in spring 2009.

“By this innovative concept we have adapted to the modified financial market conditions within a short period of time. With a view to our well equipped project pipeline, the financing via funds also provides an excellent alternative for our future projects,” said Christian Beltle, CEO of Solar Millennium.

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