German PV developer Solen has declared bankruptcy and filed for insolvency at the Meppen district court after failing to repay the interest on a loan.

According to the company, poor results as a result of cuts in the German Renewable Energy Act (EEG), falling PV prices over the last two years and high interest rates resulting from a corporate bond have meant that the firm has been unable to fulfil its obligation to its creditors.

Despite the declaration of bankruptcy, the business is operating as usual. In a statement on the company’s website, Solen confirmed that it has received several requests from potential investors for its operational units which the company said it would evaluate.

The company also confirmed that it will consider reorganising the company and hopes that most of its employees will be able to keep their jobs.