Photovoltaic systems provider Sunselex Germany has filed for insolvency owing to a possible loss of liquidity.
The Magistrate Court in Munich, where the filing was made on 1 August 2013, appointed Philip Heinke, of JAFFÉ attorneys as interim insolvency administrator. The company released a statement citing an inability of the core mechanical business unit to operate at a profit in Germany.
Sunselex referred to “the desolate solar PV market situation in Germany” and despite efforts to cut costs, including workforce, had forced the management to pull out of that market. The interim insolvency manager of the German office would be liaising with the Swiss sales and distribution office with a view to handing over much of the business and assets to Sunselex in Zurich.
Various other international Sunselex subsidiary companies are not expected to be adversely affected by the insolvency. The Swiss office of Sunselex is expected to reposition the firm to have more involvement in emerging markets for PV such as South Africa, the Middle East and north Africa, central and south America and the UK. This includes a joint venture (JV) in South Africa, Sunselex-Romano.
The company was founded in 2007 and to date has an installed capacity of 1GWp.