Solar Shakeout: Aion files for bankruptcy

Facebook
Twitter
LinkedIn
Reddit
Email

Italian PV installer Aion Renewables SpA will file for bankruptcy after Italian district court Reggio-Emilia rejected its insolvency plan, following its request in December 2012.

Aion had previously applied for an extension to present its insolvency plan to the court. However, despite a €20 million cash injection (approximately US$26 million) from Swiss-Russian company Avelar Energy, the majority shareholder with a 36% stake in the company, the tribunal rejected the request.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Chinese manufacturer of PV products and project developer Jiangsu Zongyi recently acquired 19% of the company. In September last year, the company had built and connected one of Italy’s largest integrated photovoltaic plants – a 13.5MW rooftop solar array located in Marche in central Italy.

The court has now appointed Luciano Varotti as judge and Dr Franco Cadoppi as bankruptcy administrator of the company.

The company will present itself at the tribunal on 24 September 2013 to make its case.

In November last year, Aion had announced the insolvency of its subsidiary Ecoware at the court of Padua, Italy.

Furthermore, Aion had previously said that solar cell manufacturer Helios Technology SpA subsidiary could be liquidated.

In January there was tension between Helios and LDK Solar when Helios lost an arbitration appeal in Italy that resulted in the possible payment of approximately US$35.2 million by Aion to LDK Solar.

Helios said at the time that it was waiting for the written judgment before a potential appeal is registered. Further details are yet to be released.
 

Read Next

May 21, 2025
There is potential for cPPAs to deliver the energy transition, according to speakers at the Renewables Procurement and Revenue Summit.
May 21, 2025
US PV module manufacturer Silfab Solar has acquired a patent portfolio for back-contact (BC) solar cells from solar research firm EnPV.
May 21, 2025
The US International Trade Commission has voted unanimously to impose AD/CVD tariffs on solar cells from Southeast Asia.
May 21, 2025
Installation of the anchoring system for what has been badged the world’s first floating offshore solar-wind project has been completed.
May 21, 2025
The Chilean subsidiary of French utility Engie has started construction on a 151MW solar-plus-storage project in the Metropolitan Region of Chile.
May 21, 2025
A key Chinese supplier to US tracker manufacturer Nextracker is to list on the Beijing Stock Exchange.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2025
London, UK
Solar Media Events
June 17, 2025
Napa, USA
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 8, 2025
Asia