Dr. Jan Withag resigns position as chairman of Solar Millennium’s board

Dr. Jan Withag, chairman of Solar Millennium’s management board, announced his resignation from all his offices taking effect on March 8. His announcement comes a week after insolvency proceedings for Solar Millennium AG commenced, overseen by the local Court of Fürth.

The resignation comprises his positions as chairman of the Solar Millennium management board as well as the board of Solar Trust of America LLC and the advisory board of Flagsol GmbH. Further, Dr. Withag resigns from his management roles at SMAGSOL GmbH, Solar Millennium Verwaltungs GmbH, Solar Millennium Beteiligungs GmbH, SM USA 1 GmbH, Solanda GmbH and, finally, his position as director of Solar Millennium Inc.

Dr. Withag explained his decision as follows: “Since the insolvency proceedings have been initiated and the right to manage and transfer has been vested in the insolvency administrator, the opportunities for action left to me are limited. Time has therefore come for me to transfer the management of the Group and my offices at the subsidiaries to the insolvency administrator.

“It is not easy for me to leave my office at Solar Millennium. I can understand investors and employees are disappointed. The employees in particular have time and again invested incredible amounts of energy into the company over recent years. I sincerely hope my colleague on the management board, Mr Beltle, as well as the insolvency administrator, will have much success with meeting upcoming challenges, and I will continue to support them to the best of my ability, even after my resignation from office,” Dr. Withag illustrated further.

At the same time, the search for investors for the Group is continuing. The insolvency administrator sees chances for a takeover of Flagsol GmbH in Cologne as well as for some Spanish power plant projects, especially for Arenales.