Solar Millennium’s Withag resigns

With this notice, Withag will also leave his board position at Solar Trust of America LLC and advisory board position at Flagsol GmbH, in addition to his management roles at Smagsol GmbH, Solar Millennium Verwaltungs GmbH, Solanda GmbH, Solar Millennium Beteiligungs GmbH, SM USA 1 Gmb, and as director of Solar Millennium Inc.

In a statement released, he explained, "Since the insolvency proceedings have been initiated and the right to manage and transfer has been vested in the insolvency administrator, the opportunities for action left to me are limited. Time has therefore come for me to transfer the management of the Group and my offices at the subsidiaries to the insolvency administrator."

He added, "It is not easy for me to leave my office at Solar Millennium. I can understand investors and employees are disappointed. The employees in particular have time and again invested incredible amounts of energy into the company over recent years. I sincerely hope my colleague on the management board, Mr Beltle, as well as the insolvency administrator, will have much success with meeting upcoming challenges, and I will continue to support them to the best of my ability, even after my resignation from office."

An investor is still being sought for Solar Millennium, which on February 28, announced that its remaining around 40 employees had received notice of termination. Despite this, insolvency administrator, Volker Böhm of law firm Schultze und Braun, is confident that subsidiary, Flagsol GmbH in Cologne, and some Spanish power plant projects, especially Arenales, could be taken over. "There is also some investor interest in a complete takeover of the Solar Millennium AG Group. However, prospects for the success of this are highly uncertain," added the statement.