Enerparc’s sister company Pvwerk files for restructuring under self-administration

Following the insolvency filing of German PV project developer Enerparc AG, its sister company Pvwerk GmbH has filed for restructuring under self-administration with the Hamburg District Court. The company submitted the application on Monday.

The court ordered preliminary self-administration and appointed Bernd Richter of Pluta Rechtsanwalts GmbH as general representative. Richter and colleagues from his law firm will work with Pvwerk Managing Director Florian Gösch on the company’s restructuring. The court also appointed Tjark Thies of law firm Reimer as preliminary custodian to oversee the proceedings in the interests of creditors.

Pvwerk specializes in the construction of PV plants and, more recently, battery energy storage systems. The company said it has completed more than 500 solar parks with a combined capacity of more than 5.5 GW since its founding in 2011.

Pvwerk employs around 60 people working on construction and commissioning. Their wages and salaries are secured for three months through Germany’s insolvency benefit scheme.

Business operations will continue, with the company aiming to complete solar and battery storage projects already under construction. Around 100 projects commissioned by Enerparc are currently in the construction phase.

Pvwerk will now analyze which projects can be completed, in close coordination with Stefan Denkhaus, Enerparc AG’s preliminary insolvency administrator.

“We aim to complete the solar parks currently under construction wherever possible to enable prompt grid connection,” said Gösch, noting that rojects will be prioritized and assessed according to their value.

“We also want to lay the groundwork for the long-term continuation of Pvwerk GmbH, as we are convinced that we have a competitive business model,” Gösch added.

Richter said he sees “a number of unique selling points that underpin its competitiveness.” He said the next step is to establish reliable costs for completing the projects.

“We are convinced that, on this basis, we can demonstrate the benefits of completing the projects currently under construction and thereby establish a long-term future for Pvwerk GmbH – a prospect that should also appeal to investors,” Richter said.

Thies said the objective is to complete as much of the existing order backlog as possible.