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
Sunways said its board is already in talks with potential
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
Among them were well-known names such as Q-Cells or
Conergy. The only large German solar producer still standing is the recently