Solar Shakeout: CENTROSOLAR enters insolvency administration

Facebook
Twitter
LinkedIn
Reddit
Email

Struggling PV systems supplier, CENTROSOLAR, is seeking creditor protection via the Local Court of Hamburg.

CENTROSOLAR AG and CENTROSOLAR Sonnenstromfabrik GmbH are seeking to restructure debts under the court's ‘protective shield proceedings’ process and will continue operations during the three-month period allocated under the system.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The company said in a statement that Renusol GmbH, CENTROSOLAR America Inc. and CENTROPLAN GmbH were not part of the insolvency proceedings as these subsidiaries were fully financed and were operating profitably or near profitability.

Alexander Kirsch, CENTROSOLAR Group AG CEO said: “Over the past few months we have been working very hard to clear the debt and reconstruct CENTROSOLAR's balance sheet through continuing operations. Our financiers, employees and business partners have supported us in this. However the basis for the restructuring of operations that was announced in parallel was an improvement in the market conditions specifically from CENTROSOLAR's perspective, following the shedding of overcapacity in the market. The introduction of anti-dumping regulations by the EU in the course of this summer is likewise expected to provide a positive impetus. But the recovery is happening later than originally expected. That is why we have reached the conclusion that we need to accelerate and promote the reorganisation of individual group companies by making use of protective shield proceedings, along with the broader scope this approach offers.”

CENTROSOLAR noted that it had achieved revenue of €27.5 million in the third quarter of 2013, down 40% from the same period a year ago and a loss of €4.4 million. Losses for the first nine months of 2013 stood at €18.2 million, according to the company.

Separately, solar module glass manufacturer, CENTROSOLAR Glas GmbH & Co has also entered insolvency proceedings in the Local Court of Nuremberg, Germany. Insolvency administrator, Daniel Fabian has been provisionally appointed.

PV Tech reported earlier this year that Belgian solar glass company Ducatt NV has purchased the solar glass manufacturer after losses of €12.6 million in 2012.

CENTROSOLAR has been in financial troubles for several years. 

Read Next

September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.
September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 17, 2025
Spanish IPP Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.
September 17, 2025
Struggling Swiss solar manufacturer Meyer Burger has formally entered into a debt moratorium, with the possibility of rescuing the entire group now looking unlikely.
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
Chinese module producer DAS Solar is planning a 5GW manufacturing facility focused on producing high-efficiency back contact cells.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA