Solon sells Spanish solar power plants for $137.5M

Berlin-based Solon, a manufacturer of solar modules and photovoltaic systems, said today it sold several large-scale power plants in Spain to Meinl International Power, a financial investor headquartered on the Channel Islands, for $137.5 million.

Solon did not specify the number of plants, but said they cover four locations on the Spanish mainland and the Balearic Islands.

Last August, Solon announced the initial contract to deliver several power plant systems in Spain with a total output of 36 megawatts (see Solon gets Spanish solar contracts).

At the time, Solon did not name the financial investor.

The company said the Spanish plants, which are expected to be completed by the first quarter of 2009, would produce enough energy per year to power 5,000 homes.

Solon is also working with Meinl International to supply solar power systems for other projects in Spain with a total power output of 14 MW.

Last year, the German solar company set up shop in the U.S. with manufacturing operations at a 100,000 square foot facility in Tucson, Ariz. (see Germany's Solon establishes U.S. operations in Tucson).

The company plans to produce high efficiency solar modules at the new facility, as well as provide design and installation services to large-scale commercial, municipal and utility customers throughout the U.S.