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Activ Solar Files for Reorganisation in Austria, Debts Reach EUR 500 Million

Published: February 10, 2016; 17:00 · (FriedlNews)

Vienna-based Activ Solar GmbH announced that it is bankrupt and that it has filed for reorganization in Austria due to its investment exposure in Ukraine. The company has amassed debts to the tune of EUR 500 million.

Solar potential in Ukraine / Picture: © Wikipedia / SolarGIS 2013 GeoModel Solar s.r.o.

Activ Solar’s overall exposure in Ukraine has been largely reduced due to challenging market conditions, which came about following the onset of the economic and political crisis in the region two years ago.

Foreign direct investments have since suffered and the PV market has deteriorated - the annual installations in the country shrunk from over 200MW in 2013 to approximately 10MW in 2015.

This development has negatively impacted the company’s silicon production business and thus prompted the management decision to launch reorganization proceedings.

Activ Solar’s foreign operations should remain uninterrupted.

About Activ Solar

Activ Solar, headquartered in Vienna (Austria), is a global company focused on the development and manufacture of solar based technology.

The company's main business areas include production of silicon products and development of large-scale photovoltaic installations.

Activ Solar develops, finances and realizes large-scale solar energy projects combining world-class expertise, strategic partnerships with cutting edge technology.