Solar Shakeout: Spain’s Cel Celis begins insolvency proceedings

Facebook
Twitter
LinkedIn
Reddit
Email

Spanish solar manufacturer Cel Celis has opened insolvency proceedings at the commercial court of Leon, in northern Spain, amid reports that the company is in €30 million ($39.3 million) of debt.

The company cited as a major factor an immediate cash flow issue resulting from the Castille Y Leon’s regional government failing to provide €5 million ($6.5 million) in subsidies that were promised to the company in an agreement between the two parties reached in 2010.

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

According to local newspaper Diario del Leon, company director Víctor Tejuca said there was no financial contingency plan to deal with the €5 million shortfall, but he remained adamant that restructuring of the company would take place, rather than closure of facilities or liquidation of the company.

Tejuca also stated that the majority of the €30 million figure that Cel Celis owed was guaranteed by long term partners and investors, the majority of which would keep faith with the company, he claimed.

At the time of writing production had been suspended at their factory in San Roman de Bembibre, with most or all of the 25 factory workers Cel Celis employ given maintenance duties on the factory floor so that the company would be ready for production to resume in the near future. There was no word on the current status of 70 members of Cel Celis call centre staff.

The company has been placed in the hands of auditor Manuel González García of Auditas, who was appointed insolvency manager as proceedings began.

Read Next

October 13, 2025
France’s Engie and the UAE’s Masdar have been chosen to jointly develop a 1.5GW PV power plant near Abu Dhabi.
Premium
October 13, 2025
Brett Beattie of Castillo Engineering looks at some of the key land grading work that can make multimillion-dollar differences to projects.
October 13, 2025
Korean chemical production firm OCI Holdings has acquired a 65% stake in a Vietnamese solar wafer production plant, intending to export solar wafers to the US.
October 13, 2025
The world is on pace to exceed 3TW of cumulative solar installations by the end of the year, according to a report from DNV.
October 13, 2025
The Trump administration has cancelled the 6.2GW Esmeralda 7 solar project in Nevada – once touted as one of the largest in the world.
October 13, 2025
Two Chinese state-owned energy enterprises have signed cooperation agreements on PV and wind power projects with Saudi companies, with the total contract value exceeding RMB30 billion (US$4.2 billion). 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK