Massive and widening losses have forced Enercon to hold talks with its financiers, as the German wind turbine manufacturer struggles to achieve a turnaround amid a dramatic collapse in its home market – but it ruled out any plans for a sale or merger.

The leading seller of wind turbines in what was once Europe’s biggest wind market for the first time posted “significant losses” of about €200m ($222m) last year, chief financial officer Thomas Cobet told Recharge, which could mushroom into a deficit of more than €500m this year before improving in 2020.