By Kari Williamson

The agreed consideration consists of the assumption of current liabilities of solarhybrid Israel amounting to approximately NIS1.5 million and of earn-out-payments in connection with the acquisition of the solar PV project rights amounting to NIS21m.

Summit will also make earn-out-payments to Solarhybrid Israel of up to NIS4.5m upon the completion of the solar PV projects.

Solarhybrid AG filed for insolvency in March due to illiquidity before the local court in Arnsberg, Germany, weeks after listing project failures following the cuts in the German feed-in tariff for solar.