GERMANY IN HUGE CALIFORNIA SUN BUY
German firm buys two solar projects east of the Coachella Valley
K. Kaufmann, February 8, 2012 (Desert Sun)
"Two stalled solar projects east of the Coachella Valley could still repower after being sold to a German company with a track record of financing and completing utility-scale projects.
"But it may take two years or longer until new owner Solarhybrid breaks new ground on either the 1,000-megawatt Blythe project or the 500-megawatt Palen project…[Both were acquired] from former owner Solar Millennium, the German developer that filed for bankruptcy [and both were originally planned as solar thermal plants that promised hundreds of jobs and millions of dollars in economic growth for eastern Riverside County [only to be delayed and changed to PV projects]..."
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"…The deal also gives Solarhybrid a 70 percent interest in Solar Trust of America, Solar Millennium's U.S. subsidiary that has managed the projects…Solar Millennium filed for bankruptcy in December, citing the delay in completing the deal as a cause of its cash flow problems.
"…[B]oth the Blythe and Palen plants are listed on Solarhybrid's website as projects the company has under development, with starting dates estimated between 2013 and 2018…The company has completed 18 solar projects in Europe — mostly in Germany, all photovoltaic and all 60 megawatts or less. Its own financial management subsidiary handles funding for its solar projects…"