Solar Millennium expects to find a partner for its Ibersol plant, which it acquired in January, in the next few months, the company's co-founder and chief technology officer Henner Gladen has said.

"We expect to finalise the negotiations with investors in around May," Henner Gladen said in an interview with Reuters. He added that the exact point of time may vary by about a month.

Gladen said that a capital increase was not an option in the current environment. "But if there is a specific need and if the circumstances are right, we would consider it," he reportedly said.

Solar Millennium AG, which had recently acquired a 50 percent stake in the Spanish project company Ibersol Electricidad Solar Ibérica S.L. from NEO Energía, a subsidiary of Energías de Portugal S.A. (EDP), had mentioned that it was already in negotiations with large investors vis-à-vis their involvement in the project.

It intends to start work on the planned 50 MW parabolic trough power plant mid-2009.

The technology needed for the Ibersol solar power plant is to be supplied by Flagsol GmbH, a subsidiary of Solar Millennium based in Cologne. It is also expected that responsibility for the construction of the power plant will come from within the Solar Millennium Group. MAN Solar Millennium GmbH is to assume responsibility for this in a joint venture with MAN Ferrostaal. Currently Solar Millennium owns a 100 per cent share in the project company. In order to secure financing for the power plant it is expected that the majority share in the project company Ibersol Electricidad Solar Ibérica S.L. will be sold to large investors, Solar Millennium had stated at the time of acquisition of the stake last month.

This Ibersol project represents the fourth parabolic trough power plant which Solar Millennium has developed in Spain. Unlike the previous projects Andasol 1 to 3 which are situated at the foot of the Sierra Nevada in Andalucía, the Ibersol power plant will be located in the Spanish region of Extremadura.