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