Italian conglomerate Gruppo Maccaferri has begun insolvency proceedings for its energy businesses Seci Holding, Seci Energia, Enerray, and Exergy, according to Italian newspaper Il Resto del Carlino.
The companies, which together employ around 200 people, will have 60-120 days to present a restructuring plan following the appointment of an insolvency administrator, a move which is expected to happen on Tuesday.
According to the newspaper article, the energy business of Gruppo Maccaferri has suffered in recent years due to under performing investments. The Italian firm’s PV projects in Brazil have struggled, as well hydro facilities in Serbia and geothermal investments in Turkey.
In recent years, Enerray had expanded into the Middle East and North Africa region, in particular in Saudi Arabia, Turkey, Egypt and Jordan, as well as entering operations in Cameroon, Thailand, and Brazil.
In 2017, Enerray acquired a 55% stake in Hong Kong-based Plug the Sun. The engineering, procurement and construction company is also active in off-grid markets including Argentina, the Philippines, Cambodia and Vietnam.