Reuters: Bankruptcy News: Insolvency admin sells parts of Solar Millennium

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Insolvency admin sells parts of Solar Millennium Mar 16th 2012, 09:39 Fri Mar 16, 2012 5:39am EDT * Schoeller Renewables, Concord Blue acquire assets * No purchase prices disclosed FRANKFURT, March 16 (Reuters) - Parts of Solar Millennium, a German solar company that filed for insolvency in December, have been sold to investors by its insolvency administrator, the group said on Friday. Schoeller Renewables, owned by German industrialist family Schoeller, has bought Solar Millennium's 50 percent stake in PV Power Holding GmbH, which develops photovoltaic (PV) projects in Italy. In addition, Concord Blue Engineering, a Germany-based company active in the biomass sector, has bought Solar Millennium's holding of about 75 percent in Blue Tower, which markets technology to extract carbon-neutral gas trough the decomposition of biomass. "The parties have agreed not to disclose the purchase price of the two disposals," Solar Millennium said in a statement. Solar Millennium was one of two major German solar companies to file for insolvency last December, after running out of cash before it was able to finalize deals to sell large projects in the United States and Spain. German solar module maker Solon also filed for insolvency that month. Solar companies in Europe and the United States have been hit hard by a toxic mix of oversupply, falling prices, low-cost Asian competition and lower government subsidies on which the industry still depends. This has already triggered a wave of bankruptcies in the United States, most notably panel maker Solyndra LLC and Evergreen Solar. (Reporting by Christoph Steitz; Editing by Mark Potter) Link this Share this Digg this Email Reprints

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