German Solar Millennium repays EUR 20m bond on schedule
Aug 23, 2011 - German solar power firm Solar Millennium (ETR:S2M) announced today it had repaid a corporate bond with a value of EUR 20 million (USD 28.98m) on schedule.
The bond was issued on August 22, 2006 and had a fixed interest rate of 6.5%.
The proceeds from the bond issue were used for the successful realisation of the parabolic trough power plants, Andasol 1 through 3, in southern Spain over the last five years. Andasol 3 is expected to be brought to commercial operation in October 2011. Together with the Andasol 1 and 2 plants, the facility will provide 500,000 people with clean electricity.
Solar Millennium is repaying the EUR 20 million bond with proceeds from the operating business activities, the company said.
The solar power firm has already repaid its first two corporate bonds with a combined value of EUR 50 million on schedule in 2009 and 2010.