Phoenix Solar said it was forced into bankruptcy, due to a customer in the US making a drawdown of the funds on PV project letters of credit with its US subsidiary, Phoenix Solar Inc. Attempts to find a solution failed, according to the company. Image: Phoenix Solar
Updated: International solar PV systems integrator Phoenix Solar has announced plans to enter insolvency proceedings due to US$ 8.0 million reimbursement claim by a US customer.
Phoenix Solar said it was forced into bankruptcy, due to a customer in the US making a drawdown of the funds on PV project letters of credit with its US subsidiary, Phoenix Solar Inc. Attempts to find a solution failed, according to the company.
As a result, Phoenix Solar AG was obligated to immediately reimburse the issuing banks under its existing financing agreements the US$8.0 approximately, which exceeded the parent company’s financial capabilities.
The company said it was planning to submit an insolvency filing to the relevant insolvency court in Munich, Germany, next week.
The company had recently lowered its full-year revenue guidance for a second time and added a profit warning as delays in project approvals increase due to the US ITC ‘Section 201’ trade case creating market uncertainty.
On December 18th, 2017, the management of Phoenix Solar Inc., the US subsidiary of Phoenix Solar AG filed for insolvency proceedings under Chapter 7 of the US Bankruptcy Code, which entails the immediate liquidation of the subsidiary.
Subsequent to the insolvency filing of the parent company as announced on December 8th and 13th, all pending orders and contracts were cancelled by the respective customers.
The present study analyses the levelized cost of electricity (LCOE) of PV utility-scale power plants in the first quarter of 2018. It compares different Jinko modules technologies and shows their future developments till 2020 based on technology and market scenarios. Speaker information: Roberto Murgioni holds a BSc in Electrical Engineering and a Masters of Renewable Energies Engineering. Roberto is responsible for the pre-sales and after-sales activities around Europe. Before Joining Jinko he held a variety of similar positions with Trina and ET solar. Prior to that he covered several roles in the engineering dept. starting in Milan and then Munich as a Project Electrical Engineer for various EPC companies, managing large PV power plant projects in EU and LATAM. If you have any questions you would like to direct to Jinko prior to the webinar, please send them through to Oliver Amos at Solar Media: email@example.com