Germany's Alfasolar files for insolvency

Alfasolar blames Germany’s difficult situation in the solar industry for its poor financial performance. Meanwhile, Hanover¬ís District Court has opened preliminary insolvency proceedings. It has appointed Manuel Sack from Brinkmann & Partner as provisional administrator.

Despite its economic problems, Alfasolar plans to continue its manufacturing and business operations. The German firm is still able deliver its products, the statement said. The provisional administrator, the management and employees will be working together in near future to help restructure the company.

"Our high-quality products have managed to keep their position in the market in past difficult times. Our goal has always been to set new quality standards and to further develop our products. We want to continue pursuing this aim," said Alfasolar founder and CEO Martin Denz. "Now it’s a matter of positioning ourselves anew."

Alfasolar plans to keep their production plant in Germany, the statement said. The small photovoltaic manufacturer has a production capacity of 40MW and a workforce of around 100.

Translated by Vera von Kreutzbruck.