Hamburg-based solar PV construction firm Pvwerk has filed for reconstruction just days after its sister company, Enerparc, announced it had entered insolvency proceedings.
According to Pluta, the law firm representing Pvwerk, the company’s move is directly tied to Enerparc’s filing with the Hamburg District Court earlier this week.
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The same court ordered Pvwerk’s self-administered reconstruction yesterday, with instructions for lawyers to oversee the company’s restructuring in the interests of shareholders.
The firm said that Pvwerk’s business operations will continue, with the goal of completing construction of the solar and storage projects it is currently building. Lawyers said that there are currently around 100 Enerparc projects under construction by Pvwerk. The company claims to have built over 500 PV plants with a cumulative 5.5GW of generation capacity since its foundation in 2011.
Pluta added that the purpose of the insolvency proceedings is to preserve the company, and the salaries of its roughly 60 employees will be guaranteed for three months.
“We want to complete the solar parks already under construction as quickly as possible to enable a timely grid connection,” said Pvwerk managing director Florian Gösch. “Therefore, in close coordination with our client, Enerparc AG, we will prioritise the projects currently under construction and assess the value of their completion. We also want to lay the foundations for the long-term continuation of Pvwerk GmbH, because we are convinced that we have a competitive business model.”
Bernd Richter, general representative for Pvwerk, said the company “possesses a number of unique selling points” and that completing the projects currently under construction alongside Enerparc would “create a long-term future for Pvwerk… which should also be attractive to investors.”
The available information does not give a reason for Pvwerk’s reconstruction proceedings beyond Enerparc’s insolvency. Earlier this year, Enerparc 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. PV Tech has contacted the companies for details of their precise relationship.
