DGAP-News: S.A.G. Solarstrom AG / Key word(s): Miscellaneous
S.A.G. Solarstrom AG concludes sale of German projects, investor
process making good progress
06.08.2014 / 08:00
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S.A.G. Solarstrom AG concludes sale of German projects, investor process
making good progress
- Closing of the sale of the last three photovoltaic systems in German
portfolio
- Photovoltaic projects in DaÃlitz and Sondershausen have 5 MWp total
output
- Cash inflow in single-digit million range
Freiburg i. Br., 08/06/2014. S.A.G. Solarstrom AG (under insolvency
proceedings), German security identification number: 702 100, ISIN:
DE0007021008 has concluded the sale of the last three photovoltaic projects
in its German portfolio. In late February, the company already reported the
closing of the sale of the largest project in its portfolio, the
photovoltaic system Jüterbog with 10.1 MWp, and thus was able to repay most
of the bridging loan for the portfolio. After a few more projects, the sale
of the last three photovoltaic systems with a total output of 5 MWp has
been concluded to private investors - one photovoltaic system in DaÃlitz
and two photovoltaic systems in Sondershausen. With the closing of the sale
of the remaining three photovoltaic systems in the German portfolio, S.A.G.
Solarstrom AG will receive further funds in the mid-single-digit million
range.
Cash inflow enables best possible strategic option
"In 2013, the insolvency of a component supplier and various sub-providers
led to considerable delays in closings, while in 2014 it was the insolvency
of S.A.G. Solarstrom AG. Originally, we had assumed that we would be able
to conclude the sale by the end of June 2014", says Dr. Karl Kuhlmann, CEO
of S.A.G. Solarstrom AG. "However, as we wanted to achieve an adequate
market price, as in previous projects, the process took somewhat longer. We
have now succeeded in successfully closing the sale of all German projects
and thus securing the expected cash inflow".
Further cash inflows from the closing of the sale of an Italian portfolio
as well as from the repayment of a loan are still outstanding, but are
likewise expected in the next few weeks. "We will not allow ourselves to be
put under pressure, as is so often the case in insolvency proceedings, but
are likewise negotiating appropriate solutions in these cases. Hasty
decisions are not necessary", says Dr. Kuhlmann. These three considerably
delayed cash inflows in the total amount of EUR20 million led to the
liquidity crisis in December 2013 and ultimately to the company's filing
for insolvency.
Investor process making good progress
"The cash inflows enable us to evaluate the best strategic variant for the
Group that will simultaneously benefit the creditors in the insolvency
process", explains insolvency administrator Dr. Jörg Nerlich from the legal
offices of Görg, Cologne.
The strategic investors interested in the enterprise as a whole with all
business areas are internationally active companies from Asia, North
America and Europe. "That is why the investors' due diligence has taken
longer than originally intended, as complex legal and tax issues need to be
clarified for multinationally active companies", says insolvency
administrator Jörg Nerlich. "According to the actual status, however, I
assume that we will be able to conclude the investor process in the
foreseeable future and thus achieve a continuation of the Group and a
respectable rate for the creditors, in comparison with other insolvency
proceedings. However, the effect of the transaction on the legal form of
the company still remains to be seen, and this will in turn influence
whether shareholders will receive a return flow of funds on their invested
capital".
About S.A.G. Solarstrom AG (under insolvency proceedings)
S.A.G. Solarstrom AG (under insolvency proceedings). German security
identification number: 702 100, ISIN: DE0007021008 of Freiburg i.Br.,
Germany, is a manufacturer-independent provider of photovoltaic plants
configured to customers' individual needs. The Group constructs plants of
all sizes both in Germany and abroad. S.A.G. Solarstrom AG also produces
solar energy at its own plants. S.A.G. Solarstrom AG's service portfolio
covers the entire life cycle of photovoltaic plants, including forecast and
energy services, yield reports, and remote service and maintenance, as well
as insurance and financing. The Group thus offers a comprehensive value
chain in photovoltaics, from yield reports, planning, construction,
operations, and monitoring to optimization, repowering, and deconstruction.
S.A.G. Solarstrom AG was founded in 1998. Around 160 specialists work at
the four locations in Germany and the foreign subsidiaries. S.A.G.
Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the rules and standards M:access of the
Munich Stock Exchange.
Further information: www.solarstromag.com
S.A.G. Solarstrom AG
Sasbacher StraÃe 5
79111 Freiburg
Investor Relations / Public Relations
Jutta Lorberg
Tel.: +49-(0)761-4770-311
E-Mail: pr@solarstromag.com / ir@solarstromag.com
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06.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Germany
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail@solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008, DE000A1E84A4, DE000A1K0K53,
WKN: 702100, A1E84A, A1K0K5
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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280972 06.08.2014
DGAP-News: S.A.G. Solarstrom AG concludes sale of German projects, investor process making good progress
| Source: EQS Group AG