Solar Millennium sold it's 2.25 GW solar project portfolio in the Southwest U.S. to German-based solarhybrid for an undisclosed amount and said it would switch the projects from concentrated solar power (CSP) technology to photovoltaic (PV).
As part of the agreement, Solar Millenium will receive a profit-share upon construction of the power plants, including the 1,000 MW Blythe solar energy plant in California. The company will also be reimbursed its entire investment in the projects.
A unit of solarhybrid, solarhybrid USA, said construction on the Blythe project could begin as early as 2013. It will act as the engineering, procurement and construction contractor of the plants in the solar portfolio.
Solar Millennium will be available as a project partner for the U.S. projects.
