Having successfully exited insolvency proceedings, centrotherm photovoltaics has been hit by the cancellation of a long-standing order by CEEG to build a €290 million PV module assembly plant in Algeria.

centrotherm photovoltaics did not say why CEEG, a subsidiary of Société Nationale de l'Electricité et du Gaz (Sonelgaz) had cancelled the contract but said it was examining any impact the cancelled deal would have on the company.

A consortium consisting of centrotherm photovoltaics and Kinetics Germany won the contract to build the plant.

The company said that the order cancellation would have no negative effect on its planned cash flow and that any damage compensation claims would be covered by the existing insolvency plan.