Prokon files for insolvency

Prokon transport

Prokon transport

German wind operator and financier Prokon has filed for insolvency at a local court in Itzehoe, northern Germany.

The move comes as only some 40,000 out of 75,000 of the company's investors had adhered to a call by Prokon not to sell securities in the company to avert an insolvency.

The court has named Mr. Dr. Penzlin as temporary insolvency administrator.

Prokon claims to operate 54 wind parks with a total of 314 turbines in Germany and Poland. It has also been developing its own 3MW wind turbine, the P3000.

Prokon says that as of end-October 2013, it has accumulated a loss of €209.9m ($286.7m). In order to avert the impending insolvency, Log in to read complete article.

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