Solar Shakeout: Spain’s Cel Celis begins insolvency proceedings

Facebook
Twitter
LinkedIn
Reddit
Email

Spanish solar manufacturer Cel Celis has opened insolvency proceedings at the commercial court of Leon, in northern Spain, amid reports that the company is in €30 million ($39.3 million) of debt.

The company cited as a major factor an immediate cash flow issue resulting from the Castille Y Leon’s regional government failing to provide €5 million ($6.5 million) in subsidies that were promised to the company in an agreement between the two parties reached in 2010.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

According to local newspaper Diario del Leon, company director Víctor Tejuca said there was no financial contingency plan to deal with the €5 million shortfall, but he remained adamant that restructuring of the company would take place, rather than closure of facilities or liquidation of the company.

Tejuca also stated that the majority of the €30 million figure that Cel Celis owed was guaranteed by long term partners and investors, the majority of which would keep faith with the company, he claimed.

At the time of writing production had been suspended at their factory in San Roman de Bembibre, with most or all of the 25 factory workers Cel Celis employ given maintenance duties on the factory floor so that the company would be ready for production to resume in the near future. There was no word on the current status of 70 members of Cel Celis call centre staff.

The company has been placed in the hands of auditor Manuel González García of Auditas, who was appointed insolvency manager as proceedings began.

Read Next

August 4, 2025
Indian solar PV module manufacturer Vikram Solar will supply 250MW of n-type modules to Bondada Group for its solar project in Maharashtra.
Premium
August 4, 2025
Legislation withdrawing vital tax credits has plunged the US solar market into turmoil, putting project deployments and manufacturing at risk.
August 4, 2025
Brookfield Renewable earned more than US$400 million in FFO at its renewable generation assets in the second quarter of 2025.
Sponsored
August 4, 2025
Risen Energy’s Bob Hao discusses the company’s latest range of integrated energy solutions and recent developments in HJT module technology.
August 4, 2025
Waaree Energies has commissioned a 1.8GW solar module manufacturing line at its factory in Chikhli, Navsari district, Gujarat.
August 4, 2025
Spanish energy utility giant Iberdrola has sold its Mexican power business for US$4.2 billion, as part of its shift to focus on US and UK electricity transmission networks.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK