Enerparc AG, one of Europe’s best-known solar project developers, has initiated insolvency proceedings in a Hamburg court.
In a statement yesterday, the company said its board had filed a petition with the Hamburg District Court to open insolvency proceedings.
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In response, the court said it had appointed Stefan Denkhaus, an attorney and partner at the Hamburg-based corporate law firm BRL, as provisional insolvency administrator.
Denkhaus said: “The insolvency proceedings began today. I am already holding initial discussions with the executive board, the company’s advisors and the lenders to stabilise the company.”
Enerparc AG is one of Europe’s largest independent solar project owners, with approximately 5.5GW of installed capacity across 500 projects in Germany and further afield. It employs around 380 staff at its Hamburg headquarters and is engaged across the downstream sector in the development, construction and operation of solar power plants, as well as the marketing of electricity. It is also active in developing electricity storage infrastructure and substations. The company said operations would continue across its fleet.
The current proceeding applies to Enerparc AG. The company said separate project and sister companies were not automatically included, although further filings within the group remain possible.
Earlier this year the company secured a €1 billion (US$1.16 billion) financing package from a consortium of three global asset managers and a German state bank to fund its continued expansion.
Based on the limited information available, the reasons for the insolvency being instigated were not clear. PV Tech contacted Enerparc AG for further information, but none was forthcoming at the time of publication.
