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Global Solar Energy Deutschland has begun insolvency proceedings at a German court, the company has announced. Global Solar Energy Inc., based in Tucson, Arizona, announced the news that the German executive team’s decision will not influence its Tucson production line. The company will cease operation of its 35MW German facility in Berlin.
Discussing the situation, CEO Jeffrey Britt explained: “The EU renewables market is financially challenging due to high inventories, collapsing prices and significant reductions to European feed-in-tariffs. As a result of this difficult operating environment, a strategic decision has been made to plan and execute an EU capacity reduction and focus investment on the products and technology necessary to meet our customer’s needs and fulfil our business plan.
Global Solar will continue to honuor all of its warranty obligations and service European customers, but from its Tucson facilities.” He further commented: “While unfortunate, the Berlin facility shutdown provides an opportunity to address financial structure issues, appropriately scale production capabilities and align with growing markets in Asia, the Middle East and North America. We continue to provide our customers with industry leading products, superior service and competitive pricing, while also ensuring the long-term success of Global Solar.”