Creditor chases Solarstrom UK unit
Germany-based PV developer and plant-builder SAG Solarstrom said a creditor is seeking an administration order against its UK subsidiary, SAG Solar.
Solarstrom said “a major creditor” of the UK arm has made a request for administration – a precursor to insolvency proceedings – at the High Court in London.
The parent group – which itself filed for self-administered insolvency in Germany at the end of last year – said a delay to accreditation by UK regulator Ofgem had prevented the sale of a completed project, hitting cashflow.
It added: “For SAG Solarstrom AG, this could mean the loss of receivables, the loss of future potential earnings and a risk that claims will be made on guarantees that have been granted.”