The company said that insolvency became “unavoidable” in recent days, after management attempted to prevent claims being asserted by “a supplier” and failed to secure a deferment of financial obligations.
SoWiTec expects its operations to continue “initially” after the appointment of an insolvency administrator.
The majority of SoWiTec’s operational projects are wind power assets, mostly in Germany. It is developing around 8GW of solar PV capacity in Brazil, over 2.5GW in Mexico and 335MW in Argentina.
PV Tech has contacted the company for more information about its insolvency.
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