Germany-based solar project developer and independent power producer ENERPARC has filed a petition with the Hamburg Local Court to open insolvency proceedings. The company said its solar power operations will continue during the proceedings.
The company did not disclose the financial circumstances that led to the insolvency filing, its outstanding liabilities, or details of any potential restructuring plan. It also did not provide a timeline for the court’s decision on opening formal insolvency proceedings.
The court has appointed a provisional insolvency administrator who has begun discussions with ENERPARC’s Executive Board, advisors, and lenders to stabilize the company.
ENERPARC’s sister companies could also file for…