German photovoltaic company files for insolvency
16 August 2013Tweet
In a development that casts an unhappy light on the state of the solar energy market in Europe, Sunselex AG in Germany has filed for insolvency, due to a possible loss of liquidity.
The German company is among the most experienced in international project planning and realisation of solar parks but its core mechanical business unit was unable to make a profit in its local market. Despite months of cost-cutting and drastic reductions in the workforce, the management was forced to pull out of the German market altogether due to continued negative market development.
International subsidiaries, including the South African joint venture Sunselex-Romano Pty, are not affected. They form part of the new, international direction taken by the Sunselex group to concentrate on emerging solar markets, such as South Africa, the MENA region, Central and South America, and the UK.
In partnership with a group of investors, the Swiss sales and distribution office of Sunselex in Zurich is currently in negotiation with the interim insolvency manager of the German Sunselex AG to take over core competencies and assets for the international realignment of the firm.