Finland's WinWind is bankrupt

WinWind turbines going up at in Sweden's Vänern lake.

WinWind turbines going up at in Sweden's Vänern lake.

Finnish wind turbine maker WinWind has tipped into bankruptcy after years of heavy losses.

A district court in Finland accepted a voluntary petition of bankruptcy by the company and appointed lawyer Pauliina Tenhunen as administrator.

She will now have to look at whether the company can remain  operational or seek buyers for its assets.

A statement from WinWind said 130 staff in Finland and Sweden are affected.

It added: “WinWind has been incurring heavy losses for the past several years and the company's debts are currently close to €300m ($405m). 

“ The efforts of WinWinD in trying to arrange for necessary funding and approval for restructuring process has not been successful, hence this decision.”

According to the statement “the current international financial uncertainty and the decrease in demand in wind energy sector have made it difficult in recent years to develop the business, increase sales and reach profitability”.

WinWind offered 1MW and 3MW turbines but had not announced any significant new business since early 2012.

Earlier this year Moventas was called in to perform essential maintenance work on the WinWind turbines at the 30MW Vänern project in Sweden.

WinWind is understood to have struggled to meet its service obligations at the site.

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