Germany’s beleaguered solar market has taken its toll on yet another company.
Sunselex AG filed for insolvency on Aug. 1 in Munich due to what it said was a possible loss of liquidity. The company, which focuses on the planning and construction of solar parks around the globe, said the move resulted from "the desolate solar PV market situation in Germany."
The group’s core mechanical business unit "was unable to operate profitably in the local market," it added. Sunselex’s management has for months sought to drastically reduce the company’s local workforce, but due to a continued worsening of the domestic market, the management decided to pull out of Germany completely.
The company, which now has a court-appointed insolvency administrator, said its international locations and subsidiaries, as well as its South African joint venture, Sunselex-Romano PTY Ltd., were not affected by the filing.