SAG Solarstrom, which builds and operates PV plants, filed for insolvency in December last year after being unable to make a debt payment of €20m.

However, once the acquisition is completed, it will be withdrawn from the stock exchange and liquidated during the further course of insolvency proceedings.

SPI's strategy for growth at the Freiburg-based company will see jobs being created and a relocation to nearby Merzhausen, southwest Germany, in mid-2016, as its new European headquarters.

Creditors