On December 22nd, 2011 Solar Trust of America (Oakland, California, U.S.) issued a statement clarifying that insolvency proceedings at Solar Millennium AG (Erlangen, Germany) will not directly impact Solar Trust of America. Solar Millennium is the majority owner of Solar Trust's equity.

Solar Trust also announced that it has signed a number of agreements with Solarhybrid AG (Brilon, Germany) and Solar Millennium, through which Solarhybrid will acquire a 1.75 GW solar project pipeline. Solar Trust notes that these agreements are conditional upon further approvals by the parties as well as due diligence to be concluded by the first quarter of 2012.

"The solar power market has changed radically in a short period of time," stated Solar Trust of America Chairman and CEO Uwe Schmidt. "Earlier this year, Solar Trust of America made the tough but correct choice to change the technology of its projects from solar thermal to PV."

"With Solarhybrid, we will soon complete that conversion, and proceed with construction of a number of the largest solar power facilities in the world."

History of collaboration between Solarhybrid, Solar Trust

The agreements announced today follow upon several months of developments between Solar Trust of America and Solarhybrid.

In May of 2012, Solar Trust announced a memorandum of understanding with Solarhybrid to develop projects with solar photovoltaic (PV) technology as well as concentrating solar power (CSP) technology.

Five months later in October 2011 Solarhybrid announced plans to acquire Solar Trust's entire project pipeline.

2011-12-29| Courtesy: Solar Trust of America | solarserver.com © Heindl Server GmbH

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