SolarWorld heads back into insolvency

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
SolarWorld was reported to have cited the expected expiry of EU tariffs on Chinese produced PV modules and the end to the MIP (Minimum Import Price) agreement this year as well as the general trend of continuous lowering of module average selling price (ASP) as reasons behind the start of insolvency proceedings. Image: SolarWorld

Updated and amended: German-based monocrystalline PERC (Passivated Emitter Rear Cell) PV module manufacturer SolarWorld Industries has filed for bankruptcy a second time in less than a year when the 'SolarWorld' name in Germany has been used. 

The district court in Bonn has appointed Christoph Niering as the provisional insolvency administrator for the company. 

SolarWorld Industries was reported to have cited the expected expiry of EU tariffs on Chinese produced PV modules and the end to the MIP (Minimum Import Price) agreement this year as well as the general trend of continuous lowering of module average selling price (ASP) as reasons behind the start of insolvency proceedings. 

However, the insolvency also comes quickly after the US set new import duties of 30% on PV modules coming from Europe as well as the majority of countries producing PV modules around the world. 

SolarWorld’s main market before its previous insolvency had been the US. The company also had a US manufacturing subsidiary, which had been instrumental in petitioning the US government successfully twice before – in obtaining anti-dumping duties on Chinese and later Taiwanese made PV modules. 

SolarWorld Americas, which has been operating separately since the bankruptcy of SolarWorld AG, had been under the stewardship of the German administrators for SolarWorld AG, which had been attempting to sell the US subsidiary in 2017. 

The provisional insolvency administrator of SolarWorld Industries, which bought only the German manufacturing operations of SolarWorld AG, issued a statement noting that it would attempt to find a working solution to keep SolarWorld Industries business operating as well as the production facilities.

“For me, it is important that, above all, the works councils and employees are informed promptly and personally by me” said the provisional insolvency administrator, Dr. Christoph Niering from NIERING STOCK TÖMP Rechtsanwälte. “Together with the management, we are trying to maintain the operative business and to find a continuation solution for the two production sites.”

The insolvency was said to affect a total of 570 employees at SolarWorld headquarters in Bonn and manufacturing plants in Freiberg and Arnstadt, Germany.

Read Next

June 2, 2021
The first phase of GCL System Integration Technology's (GCL-SI) 60GW module factory in Hefei, in China’s Anhui Province, is on track to start production this September.
May 13, 2021
The solar module manufacturing subsidiary of Italian utility Enel is aiming to scale up annual production capacity to 3GW in the second half of 2023, the company has confirmed.
April 28, 2021
Renewable energy group BayWa r.e. has opened what it claims is its largest PV warehouse in Europe yet in a bid to expand its distribution network in the continent.
PV Tech Premium
April 20, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar is planning to launch its first N-type heterojunction (HJ) PV modules in the second half of 2021, PV Tech can reveal.
April 14, 2021
Meyer Burger is on track to start shipments of its first heterojunction (HJ) solar modules made in Germany to distributors in July.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK