Innotech Solar blames policy factors as it files for insolvency

Innotech Solar AS filed for insolvency in Narvik, Norway, last week, followed by its Germany subsidiaries ITS Innotech Solar Module, ITS Halle Cell, and Energiebau Solar Power.

The group's Swedish module factory SweModule AB had already filed for insolvency two weeks earlier.

"The main reason for this failure is not the ITS business model, but the general uncertainty within the European PV market through sudden policy change and poor enforcement until very recently of the Minimum Price Undertaking agreed with the Chinese Government, combined at a seasonal time when demand was low," said Jerry Stokes, chief executive of Innotech Solar.

Stokes