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German wind and solar project developer Sowitec files for insolvency

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German wind and solar project developer Sowitec files for insolvency
German wind and solar project developer Sowitec has filed for insolvency after expected customer payments from South America failed to arrive on schedule. The proceedings affect the group’s holding company and three wholly owned subsidiaries responsible for domestic and international projects and related services. Germany’s Tübingen Local Court has appointed GÖRG partner Dr Holger Leichtle as provisional insolvency administrator. 

Sowitec, which has developed renewable-energy projects for more than 30 years, currently operates in 13 countries, although its international activities have recently been reduced. Business operations will continue without restriction while employees’ wages are protected through Germany’s insolvency-payment scheme. 

The administrator will now review Sowitec’s finances and project portfolio, assess whether the business can be restructured and explore potential investor interest. The filing highlights how delayed payments and difficult market conditions can place even established renewable-energy developers under severe financial pressure.

Read the full story at Renewables Now
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