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.
Indeed, the group's overseas units have become the core focus in its new international positioning. In partnership with a group of investors, the Swiss sales and distribution office of Sunselex in Zurich is currently in negotiations with Sunselex AG's interim insolvency administrator to take over the parent company's core assets for the international realignment of the group.
The firm is reorienting its main focus towards emerging solar markets, such as South Africa, the MENA region, Central and South America and the U.K., where it will work closely with its network of partners.
Since its establishment in 2007, the company has overseen the installation of solar plants and currently has an installed capacity of 1.2 GWp.
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