Ferrostaal GmbH, a German developer of industrial projects, purchased from Solar Millennium AG the 74.9 it didn’t already own of their solar-thermal joint venture Flagsol GmbH.
Terms of the sale weren’t provided in a statement today from the administrator that’s handling Solar Millennium’s affairs after the solar-thermal project developer filed for insolvency in December.
Flagsol, which was formed in 2007 to design and build solar-thermal plants, has developed four projects in Spain and one in Egypt. The technology, also known as concentrating solar, uses mirrors to focus sunlight and heat liquids, generating steam to power turbines.
Ferrostaal will retain all 80 employees of the Cologne- based company, according to the statement. Ferrostaal and Solar millennium have another joint venture in the U.S., Solar Trust of America LLC, which filed for bankruptcy in April.