Solen files for insolvency

German PV firms struggle with Asian competition

German PV firms struggle with Asian competition

German PV specialist Solen – formerly known as Payom Solar – has filed for insolvency at a district court in Meppen, Germany, after it was unable to meet its debt obligations.

The company said its business will continue in an orderly manner and it will continue to meet client requests.

“For the operative units, there are first requests from investors” to be evaluated by the insolvency administrator, Solen CEO Albert Kupfer said.

Solen is the latest German PV company to succumb to its financial difficulties. Late Wednesday, former giant SolarWorld AG announced it expects a record loss after tax of up to €550m ($717m).

German solar manufacturers in recent years haven’t been able to compete with a flood of ever-cheaper modules from Asia. Log in to read complete article.

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