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German PV project developer, Solarhybrid has filed for insolvency in the local court of Arnsberg, Germany. In a brief statement, the company said that it had opened insolvency proceedings in relation to the assets of the company due to illiquidity issues.
Solarhybrid had recently been highly active in building a project pipeline in the US and Israel, having acquired the majority of bankrupt Solar Millenium’s US planned projects estimated to be in the region of over 2GW as well as a 201MW pipeline from another bankrupt firm in Israel, Sunday Energy.
The company had completed the largest PV power plant in Germany, FinowTower II, last year and a total project volume of 218MW in 2011.
Solarhybrid had recently claimed it would lose €4 million of investment on two projects in Germany should proposed FiT changes be introduced.