Wednesday, April 18, 2012

UPDATE 1-Solar Trust of America files bankruptcy

Solar Trust of America LLC, which holds the development rights for the world's largest solar power project, on Monday filed for bankruptcy protection after its majority owner began insolvency proceedings in Germany.

The Oakland-based company has held rights for the 1,000-megawatt Blythe Solar Power Project in the southern California desert, which last April won a conditional commitment for a $2.1 billion loan guarantee from the U.S. Department of Energy.It is unclear how the bankruptcy will affect that project. Solar Trust did not receive the loan guarantee.

Solar Trust said it ran short of liquidity after Solar Millennium AG S2MG.DE, which holds a 70 percent stake, sought court protection in December.

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