Bloomberg News

Ferrostaal Buys Solar Millennium Stake in Flagsol Venture

July 06, 2012

Ferrostaal GmbH purchased Solar Millennium AG (S2M)’s 74.9 percent stake in Flagsol GmbH, giving it full ownership of the solar-thermal venture.

Terms of the sale weren’t provided in a statement today from the administrator that’s handling Solar Millennium’s affairs after the solar-thermal project developer filed for insolvency in December.

Flagsol, which was formed in 2007 to design and build solar-thermal plants, developed four power projects in Spain and one in Egypt. The technology, also known as concentrating solar, uses mirrors to focus sunlight and heat liquids, generating steam to power turbines.

Ferrostaal will retain all 80 employees of the Cologne- based company, according to the statement.

Ferrostaal and Solar millennium have another joint venture in the U.S., Solar Trust of America LLC, which filed for bankruptcy in April.

NextEra Energy Inc. (NEE:US) received approval from a bankruptcy court June 27 to buy Solar Trust’s 1,000-megawatt Blythe solar farm for as much as $50 million. BrightSource Energy Inc. (BRSE:US) submitted the winning bid in a June 21 bankruptcy auction to buy its 500-megawatt Palen project. Neither of the California developments has been built.

To contact the reporter on this story: Marc Roca in London at mroca6@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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