Spanish photovoltaic panels producer Innovacion en Alta Tecnologia Solar (Iatso) has filed for insolvency, it was announced today.

The company fell victim to tough trading conditions, which included Spain’s recent reduction of renewable energy premiums. Spanish manufacturers have also had to tighten their belts in the face of a deteriorating domestic market and stiff competition from Asian companies.

Iatso is the second Valencia-based photovoltaic panels producer to have filed for insolvency, following Siliken.

The company was established in 2006 and focuses on the production of photovolatic modules and ground fixing systems. Iatso's revenues for 2011 amounted to €3.19 million (USD $4.3 million).

Earlier this year PV-Tech reported how Spanish solar groups threatened to take their government to court over retroactive cuts to PV incentives. Members of Appa, Anpier, Unef and Protermosolar warned that, if left unchallenged, the cuts could bankrupt many of the country’s PV plant owners.