Solar Millennium
| Company type | Aktiengesellschaft |
|---|---|
| Industry | Solar thermal power generation |
| Founded | October 1, 1998 in Erlangen, Germany |
| Founder | Hannes Kuhn |
| Defunct | December 21, 2011 |
| Fate | Filed for insolvency |
| Headquarters | Erlangen , Germany |
Area served | Europe, United States, China, Egypt |
Key people | Hannes Kuhn (founder) |
| Products | Parabolic trough power plants, solar thermal power generation facilities |
Solar Millennium was a German enterprise established in 1998 in Erlangen, Germany, focusing on the development and execution of solar thermal power generation facilities. Its primary operations encompassed site selection, project development, engineering, design, and construction of parabolic trough power plants.
The Federal Financial Supervisory Authority (BaFin) conducted an inquiry into insider trading accusations related to the company’s stock. It was reported that founder Hannes Kuhn acquired shares before Utz Claassen joined the company, an event that subsequently led to a rise in the share price.
In response to these allegations, Kuhn initiated legal proceedings seeking €80 million in damages against the journalists and the Süddeutsche Zeitung, a process that extended over eight years. Analysts described this lawsuit as a SLAPP.
History
The firm originated in October 1998 under the name Solar Century Management GmbH, founded by entrepreneur Hannes Kuhn. It was rebranded as Solar Millennium GmbH in March 1999 and converted into a corporation by June 1999. The company went public with an IPO in July 2005. On 21 December 2011, Solar Millennium filed for insolvency.
Projects
The initial major undertaking by Solar Millennium was the Andasol project in southern Spain, consisting of three contiguous parabolic trough power stations—Andasol 1 through 3. Construction of Andasol 1 commenced in June 2006 on the Guadix plateau in Andalusia. Test operations began in October 2008, with grid connection achieved by December 2008 and formal inauguration held in July 2009. Andasol 2, essentially a replica, started construction in February 2007 and connected to the grid in 2009. Construction of Andasol 3 started prior to Andasol 2’s completion and became operational in summer 2011. Collectively, these plants feature over 500,000 square meters of collector area each and generate solar power sufficient for roughly 500,000 residents. Andasol represents Europe’s first parabolic trough plant and was the largest solar power installation worldwide at its inception. Solar Millennium divested its stakes in Andasol 1 and 2 to other consortiums; Andasol 3 was co-financed by Stadtwerke München GmbH, Innogy, RheinEnergie, and Ferrostaal.
In May 2008, Solar Millennium received the Energy Globe Award for launching Europe’s inaugural parabolic trough power stations at Andasol, which also earned recognition as Spain’s national winning project. The company pursued additional Spanish ventures such as Ibersol and Arenales, each designed with a capacity of 50 MW.
December 2008 marked the start of construction on a parabolic trough solar field in Egypt, part of a hybrid facility located south of Cairo that integrates solar thermal energy with natural gas. By December 2010, solar collectors were operational; full commissioning was anticipated early 2011 with electricity feeding into Egypt’s national grid.
In autumn 2010, Solar Millennium secured approval from the Obama administration for its Blythe Solar Power Project situated in California’s Colorado Desert. The plan included four plants totaling a capacity of 1,000 MW—making it the largest proposed solar energy installation globally at that time. On April 18, 2011, the U.S. Department of Energy granted a conditional loan guarantee worth $2.1 billion. Although groundbreaking took place on June 18, actual construction never began; subsequently, NextEra Energy acquired the site intending to develop a photovoltaic plant.
Since 27 July 2005, Solar Millennium AG's stock has been available on the German open market, including listings on the Frankfurt Stock Exchange, the electronic trading platform Xetra, as well as Nasdaq.
Organizational structure
In May 2010, Solar Millennium finalized the integration of its technology branch, Flagsol GmbH (based in Cologne), with the power plant joint venture MAN Solar Millennium GmbH (located in Essen). Solar Millennium maintains a 74.9% ownership of this joint venture, while Ferrostaal from Essen holds the remaining 25.1%. Operating under the name Flagsol GmbH from Cologne, with additional offices in Essen, Madrid, Berkeley, Johannesburg, and Abu Dhabi, the entity specializes in the development of solar thermal power plant technologies and offers EPC (Engineering, Procurement & Construction) services for parabolic trough solar installations.
In 2007, Solar Millennium established a partnership with Inner Mongolia Lvneng New Energy Co. Ltd. to create Inner Mongolia STP Development Co. Ltd., headquartered in Hohhot, China. Both companies share equal ownership, each holding 50%, to advance China’s inaugural parabolic trough power plant; a feasibility study has been conducted and government tender processes are anticipated.
By 2009, Solar Millennium enhanced its foothold in the U.S. market through a joint venture with Ferrostaal Inc., resulting in the formation of Solar Trust of America, LLC, a comprehensive solar thermal power plant provider. This company oversees projects located in Blythe, Palen, and Amargosa, supported by a substantial project pipeline across the southwestern United States. These efforts are backed by contracts and power purchase agreements (PPAs) with major utility companies such as Nevada Energy and Southern California Edison (SCE).
- Technology subsidiaries:
- Flagsol GmbH (74.9%)
- Smagsol GmbH (100%)
- Selected affiliates:
- Milenio Solar Desarrollo de Proyectos S.L., Spain (100%)
- Ibersol Kraftwerks GmbH, Spain (100%)
- Murciasol-1 Planta Solar Térmica S.L., Spain (50%)
- Termosolar de Albacete S.L., Spain (34%)
- Inner Mongolia STP Development Co. Ltd., China (50%)
- Financing and investment entities:
- Solar Millennium Invest AG (55%)
- Andasol Invest Verwaltungs GmbH (100%)
- Construction operations:
- Solar Trust of America LLC (70%) — U.S.-based joint venture subsidiary with MAN Ferrostaal
Insolvency
The company filed for bankruptcy and initiated insolvency proceedings in December 2011.