AES Solar Sets July Deadline for Asset Sale

AES Solar has set an end-of-July deadline for offers for the solar assets it plans to sell in Europe, Reuters reported. AES Solar is a joint venture between AES Corp. and private equity firm Riverstone Holdings. A sale of the assets – mainly in Italy and Spain – could fetch more than 600 million euros ($873 million), Reuters wrote.

(Reuters) – AES Solar has set end-July as a deadline for binding offers for solar assets it plans to sell in Europe, financial sources said on Monday.

Solar power developer AES Solar is looking to sell assets with an overall installed capacity of 117 megawatts, mostly in Italy and Spain, the sources said, in a deal that could raise more than 600 million euros ($873 million).

AES Solar is a joint venture between AES Corp and private equity firm Riverstone Holdings. “The company is selling 117 MW (megawatts) of photovoltaic assets,” one of the sources said.

In May, Italian energy company Sorgenia, controlled by CIR, said its solar unit had sold 19 MW of photovoltaic plants for about 98 million euros — some 5 million per MW.

“The package includes 76 MW in Italy, both operative and under development, and 33.6 MW in Spain,” a second source said of the AES asset sale. He did not say where the other assets were located.

Italy’s solar market, the world’s second largest after Germany, has boomed since 2007 when the government boosted production subsidies.

Italy’s booming solar sector has attracted the world’s biggest photovoltaic module makers such as China’s Suntech Power Holdings Co Ltd , Trina Solar Ltd , Yingli Green Energy Holding Co Ltd and U.S. duo First Solar Inc and SunPower Corp ($1 = 0.6872 euro)

(Editing by David Hulmes)