Solarwatt subsidiary also files for insolvency

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In a statement released, it has been said that Wienberg will assess the current situation and, in order to keep business running as normally as possible, speak with key customers and suppliers. He will further consider restructuring options. It added that the 140 employees’ salaries will be protected until the end of September.

"SunStrom GmbH has been in the market for over 12 years, and has first class know-how and excellent references," stated Wienberg, who was also responsible for saving Solon SE. "A company with such a large project experience is certainly interesting, for example, for investors," he continued.

The company works with both private and commercial customers in the area of complete solar solutions. It was said to have recently generated a turnover of €25 million. The statement added that the branch office in Vancouver, Washington State is an independent company and has not been affected by the German insolvency.

SunStrom is a subsidiary of Solarwatt AG, which at the start of June became the first photovoltaic company to use the new restructuring law, under Germany’s version of Chapter 11. To do so, the company in question must be solvent.