Sunways to file for insolvency

Embattled German PV company Sunways, a unit of Chinese solar group LDK Solar Group, in an ad-hoc statement to investors has said it will file for insolvency at a regional court in Konstanz, southern Germany.

The company through insolvency procedures plans to come up with a sustainable restructuring plan and to reach an agreement with its creditors.

Sunways said its board is already in talks with potential investors.

Sunways had a previous flirtation with insolvency last year, and its troubles have mirrored those of its debt-laden Chinese owner.

As recently as mid-2012 Sunways was spelling out plans to become one of the world’s top three suppliers of PV inverters.

The news came just two weeks after Berlin-based solar firm Solon said it will shift its global headquarters to the United Arab Emirates, where Microsol, the company’s owner since 2012, is already based.

With the closure of its Berlin headquarters, Solon will lay off all of its 230 workers there.

Amid a global over supply of modules and unable to match rock-bottom prices of its Chinese competitors, most of Germany’s once-mighty PV manufacturing industry has either gone insolvent or was sold off to US or Asian investors.

Among them were well-known names such as Q-Cells or Conergy. The only large German solar producer still standing is the recently restructured SolarWorld.