Insolvent project developer Solarstrom has sold the last three projects in its German portfolio with a total capacity of 5MW.
The company also confirmed that it is in talks with investors from Asia, Europe and North America about its long-term future.
The collapse of equipment suppliers and delays to project sales created a cashflow problem that forced the company into insolvency. With impending project sales in Italy, the firm is optimistic that it will meet its obligations and secure an investor.
Chief executive Karl Kuhlmann said the company was being careful to ensure it gets a fair price for its projects.
“We will not allow ourselves to be put under pressure, as is so often the case in insolvency proceedings, but are likewise negotiating appropriate solutions in these cases. Hasty decisions are not necessary,” he said.
Administrator Dr. Jörg Nerlich from the Cologne law firm, Görg, said the international nature of interested investors was extending the due diligence period.
“I assume that we will be able to conclude the investor process in the foreseeable future and thus achieve a continuation of the group and a respectable rate for the creditors, in comparison with other insolvency proceedings,” said Nerlich. “However, the effect of the transaction on the legal form of the company still remains to be seen, and this will in turn influence whether shareholders will receive a return flow of funds on their invested capital,” he warned.