S.A.G. Solarstrom sells largest German project to repay bridge loan

By Caroline Salls

Pittsburgh, March 3 - S.A.G. Solarstrom AG completed the sale of its largest German project, according to a news release.

Solarstrom said it "will receive an amount in the low double-digit million range" from the sale, which will be used to repay a project-related bridge loan from Deutsche Bank.

According to the release, the Solarpark Arneburg GmbH & Co. KG was sold to an institutional investor, together with three other solar parks.

The company said the conclusion of the sale was delayed in connection with this and other German projects because of the insolvency of a component supplier and several service providers.

As a result, Solarstrom said it did not receive an amount in the high single-digit million range from the closing of the German projects in November and December as expected.

With the successful conclusion of the sale of the largest individual project of those German projects, the company said it has repaid the greater portion of the project-related bridge loan for these projects, so it will now receive funds in the high single-digit million range from the expected remaining conclusions of the sale during the second quarter.

Solarstrom is a Freiburg, Germany-based company that constructs and operates solar power plants and installations.

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