Isofotón denies insolvency rumors

Spanish media has reported that supplier to Isofotón, Lamaignere has gathered a group of companies together to call for the opening of insolvency proceedings for the photovoltaic company

Lamaignere CEO, Francisco Herrero Maldonado told Spanish news agency, Europa Press, that the process has already been handed over to Spanish law firm Martínez Echevarría. "We are in contact with other creditors and we want to take this step to prevent more companies from being affected by Isofoton," he said.

Speaking to pv magazine, a spokesperson for photovoltaics company Isofotón has said that it has not been notified of this insolvency request. As such, the news is not said to be official.

They added that the company is both "viable" and "solid" and that insolvency is not an option. Furthermore, while Isofotón acknowledges the difficulties facing the industry at the moment, the company’s international positioning means it is still financially strong.

The spokesperson did admit some adjustments had been made with some of its suppliers, including Lamaignere, and that the company was currently negotiating with them. They declined to disclose the particulars.

Regarding reports of a strike at Isofotón’s manufacturing facility in Malaga, Spain, the spokesperson said that 48% of its 700 strong workforce went on strike last Friday, February 1. The action was said to be initiated after a portion of the workforce did not receive their salary in December, due to the "situation in the sector". They stressed, however, that all delayed payments had now been made.

It’s business as usual at Isofotón, they concluded.

pv magazine is waiting for responses to the news from both supplier Lamaignere and law firm Martínez Echevarría.

In recent times, Isofotón has unveiled a number of ambitious expansion plans, including the establishment of manufacturing facilities in the U.S, Saudi Arabia, Brazil and China, and photovoltaic pipelines in Ecuador, the Dominican Republic, Saudi Arabia and China. The Spanish company also, unsuccessfully, bid to take over Q.Cells.