Third German photovoltaic firm goes insolvent as govt cuts subsidies

21 March 2012 16:31  [Source: ICIS news]

LONDON (ICIS)--Photovoltaic firm Solarhybrid has filed for insolvency, becoming the third producer in Germany's solar industry to go insolvent amid government subsidy cuts and overcapacities, officials said on Wednesday.

Solarhybrid, which develops and builds photovoltaic plants, had warned earlier that “unpredictable drastic proposals” by Germany’s government to cut subsidies to the solar sector were calling its entire business model into question.

Subsidies, in the form of so-called feed-in tariffs, have been a main driver in the rapid growth of Germany’s solar industry.

In addition to Solarhybrid, photovoltaic firms Solar Millennium and Solon recently also filed for insolvency while other producers continue to struggle.

Earlier, Solarhybrid had agreed to acquire Solar Millennium’s US business, subject to financial conditions.

However, the insolvency administrator of Solar Millennium said on Wednesday that even without Solarhybrid he was hopeful of being able to sell Solar Millennium’s US business.

Meanwhile, Microsol, a United Arab Emirates-based solar cell firm, this month acquired large parts of Solon and relaunched the company as Solon Energy.

In related industry news, ICIS reported on Wednesday that the US imposed an anti-subsidy duty on photovoltaic products imported from China.

A number of chemical producers have been looking to photovoltaics as a growth market for their products and chemicals.

Check out Doris de Guzman’s Green Chemicals Blog for views on sustainability issues


By: Stefan Baumgarten
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index

Related Articles