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.
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.