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The Insolvency Of Solar Millennium A Year

Berlin (dapd). The insolvency of solar Millennium a year ago marked the beginning of sustained decline of the German solar industry. More and more solar companies 2012 came in the wake of backward, for which the industry blames primarily low-cost competition from China, as well as funding cuts by the Federal Government.

Numerous companies and thousands of jobs were the deep crisis the victim, others were kept down the drain by foreign donors.

In April, as the solar cell manufacturer of Q-cells from Bitterfeld-Wolfen filed bankruptcy. The rescue of the former before flagship company of the German solar industry in Saxony-Anhalt was in August after months of uncertainty. The South Korean Hanwha group, one of the largest companies in the country, took over Q-cells and promised to get 1,300 world’s 1,500 spots.

A specialist for small and medium-sized rooftop installations, or the Bosch subsidiary Aleo companies such as the Munich Centrosolar, solar amassed ever greater losses and so their forecasts a to the other time. Heart towards his rehabilitation, the struggling Hamburg-based solar company Conergy again came under pressure. In October, Conergy announced that the equity of nearly 160 million euros to more than half is exhausted for the second time within two years.

SMA solar could defy a long time the industry crisis. Although remained the world’s largest manufacturer of inverters for solar plants still in the black numbers. But now the company from the Hessian Niestetal expects at best a balanced result for 2013.

The Insolvency Of Solar Millennium A Year

Image courtesy of pinguin1961

Sep 27

Chief Of Solar Millennium Employ The Judiciary

By News On German Solar

Munich (dapd-bay). Questionable transactions in connection with the appointment of Utz Claassen, Chief of solar Millennium employ the judiciary. The Munich Prosecutor’s Office investigated five men, including the former supervisory board member of the now bankrupt received company, Hannes Kuhn because of market manipulation and insider trading. A spokesman for the Prosecutor’s Office confirmed a report on Wednesday the “Süddeutsche Zeitung”.

Kuhn should have informed at an early stage three stock trader of the forthcoming appointment of Claassen in December 2009 to the Chief Executive of the solar energy company from Franconia. The three businessmen should according to this insider tip together over three million euros invested in solar Millennium shares and in the meantime about 2.5 million euro profit have – thanks to price increases partly before and partly after the appointment of Claassen to the Chairman of the Board.

Kuhn himself should have paid, nothing. Is accused to be a tipster. Claassen was previously CEO of energy utility EnBW and considered the top manager.

Two of the three equity traders had been sentenced already in March of this year due to market manipulation to prison, as the public prosecutor’s Office confirmed. A lawyer of the traders have rejected the accusations and said that the shares had held until the retirement of Claassens in March 2010 and only a “Minimum pre-tax profit achieved.”

Claassen is irritated

Claassen, who after two and a half months at solar Millennium was again eliminated and argued with the company of many million euro, is irritated about the operation. Should his good name for illegal trafficking to the detriment of trusting investors exploited been be, would be “perfidy and nastiness hard to beat” in his view, communicated Claassen according to the report, about his lawyer.

Solar Millennium had requested bankruptcy shortly before Christmas at the Amtsgericht Fürth, after two major projects in the United States and Spain had failed and payments remained out. The procedure was opened in late February. About 16,000 bond creditors who invested almost EUR 227 million of so-called bearer bonds in solar Millennium are damaged in addition to 14,000 shareholders.

Aug 24

The German Renewable Energy Company Solar Millennium

By News On Spanish Solar

Brussels, 23 Aug (MARKETWATCH)-the European Commission (EC) today authorized the sale of participations which the German renewable energy company Solar Millennium – in bankruptcy – has in the Spanish company of Arenales Solar energy, that will pass into the hands of the German electricity producer Steag GmbH.

The Commission noted that the acquisition complies with the European rules of competition, so it gave its go-ahead to the operation, as reported in a press release.

The Spanish solar energy company Arenales manages a fleet of solar energy in Morón de la Frontera (Seville), which will be built by 2014.

Arenales is a joint venture of Fronterasol BV, controlled ultimately by the German bank Deutsche Bank; the OHL Industrial company, which belongs to the group Spanish Villar Mir’s engineering and construction of industrial projects; and now, Steag GmbH.

The German company is dedicated to the energy sector, the heat generation and technical services.

For its part, Solar Millennium began in 2011 the bankruptcy process after months of financial problems with its projects in United States and Spain.

At that time, the company had in Spain plants Ibersol and Sands, of 50 MW each, after having sold three floors of solar energy (Andasol 1, 2 and 3) of Guadix, where he had as partners, among others, to the Spanish construction company ACS. MARKETWATCH

Aug 10

Germany’s Solar Companies Press Further Against

By News On German Solar

Niestetal/Sulzemoos (dapd). Germany’s solar companies press further against the industry crisis. While Phoenix losses only could reduce solar in the first half of this, SMA solar despite a profit drop wrote still black. But the surplus for January sagged down June year by almost a fifth to 59.4 million euros, as SMA announced solar on Thursday in the Hessian Niestetal.

The operating result of SMA solar fell in same order to €83.7 million. Sales climbed, however, in the first six months compared to the previous year by 16.6% to €833,7 million. In the first quarter, the manufacturer of inverters for solar systems due to an earlier demand had still greatly increases the profit.

For the full year the SMA listed in the TecDAX raised the lower targets of its cautious forecast slightly solar. Revenue is now expected from 1.3 to 1.5 billion euros and an operating profit between 100 and 150 million euros.

SMA solar is there far better than many other solar companies in this country. Because of price decline by low-cost competition from China as well as funding cuts companies such as solar Millennium, Solon, or Q-cells had gone into bankruptcy.

At the battered Bavarian companies Phoenix sales according to company information on year over 40 percent to EUR 84.4 million collapsed in the first half of solar. The operating loss decreased to 14.1 million, after a decline of 26.3 million euros in the first six months of the previous year. After taxes was a loss of €16.5 million record, 4.6 million euro were less than a year earlier.

The wholesaler for project developers and solar systems for power plants expects a turnover of up to EUR 240 million and an operating loss between 25 and 19 million euros for 2012. The company of Sulzemoos had recently new loans backed up until the spring of 2014 and initiated a reconstruction.

May 16

Good News For The Creditors

By News On German Solar

Erlangen (dapd-bay). Good news for the creditors of the insolvent solar power plant developer solar Millennium: liquidator Volker Böhm has provided a partial compensation in view the approximately 16,000 injured bond creditors. He said “There will be a payout to investors,” on the edge of the creditors on Tuesday in Erlangen, Germany. He did not mention a quota. As was from the non-public event but to learn, it could be up to 10 percent of the sum of each set.

The bondholder invested almost EUR 227 million of so-called bearer bonds in solar Millennium and are the largest group of creditors. With the money, the company financed his projects.

Total amount the liabilities for all creditors – including banks or suppliers – to around 300 million euros. Expected revenues in the amount of more than EUR 25 million face which, including up to seven million cash.

Boehm said as much at the end really could be repaid, depends on whether two not yet finished projects could be sold. Here, there is still a certain risk. “I am optimistic that we bring this to a conclusion,” he said. Until the insolvency proceedings will be completed, five years could pass his words according to quite.

Boehm further explained it will still tested against the former management team claims can be asserted or they had been involved even in criminal machinations.

Selected stakeholders

Unjustified claims of short-time Board Chairman UTZ Claassen administrator called Millennium of 203 million euro because of damage to reputation against solar. “I will deny this request,” Boehm said. They should therefore enforce Claassen.

About 530 of the approximately 16,000 injured bond holders were personally represented at the general meeting on Tuesday. Chose the lawyers of Klaus Nieding from Frankfurt and Franz Wagner in Munich, to their stakeholders. A second meeting on the other creditors is scheduled for the June 4.

Before the start of the meeting of creditors, some investors expressed in conversation with dapd little hope of compensation. “I am assuming that the money is gone,” said the Mr Marcus Schlereth from Mainz, who created in two bonds totalling 7,000 euros.

The Clemens Emanuel living twelve years in France acquired Millennium bonds solar for 20,000 euros and has in addition 1,000 shares of listed company. According to Erlangen he had come without great expectations, the 65-Jährige said. He could suffer the loss of money. Deceived by companies it will not look. The company had just “Bad luck”, he believes. “You would have earned but also further”.

Solar Millennium had been a bankruptcy petition just before Christmas with the County Court Fürth. The procedure was opened in late February.

May 05

In March Shocked First Solar Its German

By News On German Solar

Tempe – in March shocked first solar its German employees with a bad news. The US group gives up its site in Germany. Now, the company must announce the second quarterly loss in its history. The minus amounted in the first quarter to $449 million, as reported by the largest solar module manufacturer of United States. Revenues fell 12 percent to $497 million.

First solar

with the fall in prices for solar modules, founded the development. However, analysts had expected a profit. In the same period last year, the Group was still a profit of almost $116 million. Despite the bad start of the year, first solar increased its full-year guidance. The company anticipates an earnings per share between four and 4.50 dollars and justified this with the lower cost of production.

A few weeks ago, first announced solar due to the reduction of solar subsidies worldwide 2000 to delete posts – of only 1200 at the German site Frankfurt an der Oder. The factory there is closed.

Already in October of this year, the operation should be set. It first had opened a second plant solar in Frankfurt an der oder in the fall of 2011. First solar

wants to save through the job cuts every year 100 to 120 million euros.

It goes bad, the company such as the entire solar industry has long been: prices, low-cost competition from Asia and the reduction in State funding have plunged the business with the Sun in the crisis.

Number of bankruptcies

Beginning of April was the German company bust left Q-cells. Thus, the company that was a few years ago as an energy company, the future continued the ongoing for months series of insolvency reports of the industry: the Berlin company Solon

and the Erlangener company solar Millennium

were entered in the bankruptcy in December; in March of this year came then to Scheuten solar, the company Odersun and the power plant developer Solarhybrid. Also first solar had throttled production by 50 percent in March.

Apr 19

And Confirms That First Solar Will Focus

By News On Italian Solar

And confirms that First Solar will focus on emerging markets although without public subsidies. They will also have lower volumes, but a lot more stability. The instability of PV demand in Europe, however, clashes with the lack of flexibility “to the Chinese” in the world of work which prevents reduce personnel when there is an excess of production.

To complete the picture of the crisis of photovoltaics in America and Europe must also mention other companies. The German q. Cells already brought books in court shortly after Solon and Solar Millennium. Odersun focuses have cash liquidity until end of May. The American United Solar Ovonic other (company owned by Energy Conversion Devices that sells photovoltaic cells with the Uni-Solar brand and also has a facility in Villafranca, Verona) is also in deep crisis.

Still in Italy, in brianzolo, Solarday (owned by MxGroup) goes into liquidation. You read the home page on the website of the company.

Returning to the global level, by the seventh Conference Photon in Germany showed an alarming: of the approximately 120 manufacturers of photovoltaic modules larger assets beginning 2012, at least half will disappear from the market in 2013. And you halve this number further in 2014.

Source: Renewable Energy World | DailyE

Apr 09

The Solar Power Company He Headed Before

By News On German Solar

$265 Million – there are not many Manager posts in the German economy, with which you can earn such sums. VW boss Martin would have to apply its record level of almost EUR 17 million for twelve years Winterkorn about. But that prevents the dazzling energy Manager UTZ Claassen, once even at VW, not to claim this amount – of solar Millennium, the solar power company he headed before two years 74 days before he threw over with the Supervisory Board. The subsequent reputation have cost him lucrative mandates, he wants to get now replaced the damage before a US Court. His attorney says not what for mandates should be. The sum should be not to drive up already, as solar Millennium is the US subsidiary since this week broke, also. But who has long pursued Claassen, who knows that it should – go him not only about money but mainly about the principle. For this reason, he fights already before the District Court of Nuremberg, to an indemnity of seven million euros, which he wants to donate in case a success. His briefs fill now several thousand pages. But even if the liquidator would have to meet only a fraction of the claims at the end, Claassens persistence would pay off powerful: A fraction of 265 million dollars (202 million euros) would be expected to be also a million total.

Apr 05

This Company Was The Largest Manufacturer

By News On Italian Solar

Until recently, Q-Cells was a pioneering venture. For a while, this company was the largest manufacturer of solar panels in the world. Even in full financial storm passed Q-Cells was considered a firm with a good profit margin and a valuable investment. It is built around its production site in Bitterfeld-Wolfen, a former mining region in Saxony-Anhalt, which developed the “Solar Valley” (Altwienerhof in German), named in reference to California’s Silicon Valley.

After a turbulent period, today the Altwienerhof crosses his time more difficult with the failure of Q-Cells. The energy of the future region could soon have more in 2011: Q-Cells had recorded 846 million euros in losses. The Solar Valley, where nearly 2,200 employees still work for Q-Cells, could soon be undergoing other cuts.

This failure is a new trauma for photovoltaics. Q-Cells is the fourth firm to fail and his disappearance could increase the dependence of the German solar panels from their Asian competitors. And all this despite the billions of euros of aid granted by the German Government and just when solar energy is becoming increasingly competitive.

And that’s not all, because the process is accelerating. In December 2011 are missing two other giants of the industry: the Berlin Group and the Bavarian company Solon Solar Millennium. An Indian company, Microsol, noted the activity of Solon and continues to give work to 400 of its 1,000 employees. The failure of Solar Millennium has affected thousands of small businesses. In March 2012 other firms declared insolvent, particularly the Scheuten Solar, which for eight years produced in Freiburg, the largest solar panel in the world.

The German solar energy crisis affects all companies that made bad sceltem those that despite a slowing market record reacted too late or too timidly. The Government’s AIDS policy was a great way to develop the field of ecological technologies, but is less and less suitable in a market already saturated. The limitation of this subsidy has not changed the situation and couldn’t save companies over the years have accumulated a management mistake after another.

Q-Cells is the best example. Created in the summer of 2011, the company had outsourced a large part of its production in Malaysia. At that time it was already clear that German workers would not be able to compete with their Asian counterparts. Now years that experts were put on guard companies. Photovoltaic cells are not very sophisticated technology products, and are easy to copy.

Although production is largely automated, everything that concerns the industrial process is less expensive in countries such as China, by cleaning firms infrastructure. Solar industry also figure among the priorities of Beijing, which offers credits to producers very advantageous rates.

Companies such as Q-Cells had a facility in Germany were then condemned for having underestimated the global competition. The promotion of solar energy ended up exploding demand between 2009 and 2011. The question has become such that even less advanced firms are unable to sell their products in large quantities.

Apr 04

Solar Millennium And Solarhybrid

By News On Italian Solar

After Solon, Solar Millennium and Solarhybrid, another German photovoltaics company has begun insolvency proceedings. It is Q-cells, manufacturer of components for solar panels that, after evaluating in recent months a restructuring plan, concluded that there are no more financial bases to continue the activities of the company. Why, as we read in the press release, the request of the insolvency proceedings has become necessary.

REDUCTION OF SUBSIDIES AND ASIAN COMPETITION. Among the main causes of the collapse of the sector decreased prices and the decline of Government incentives, coupled with the increasingly troubling competition from Chinese companies and the far East, who exploit labour costs much lower.

NET LOSS 845.8 MILLION. Q-cells has more than 2,000 employees and its headquarters was implanted in a disadvantaged region of the former East Germany. For months he had hoped to avoid a bankruptcy procedure before the courts, seeking agreements with creditors on restructuring and debt rescheduling.

In January the management had warned that the situation was critical: the amount of losses had exceeded that of own funds. The year 2011 has in fact closed with a net loss of EUR 845.8 million (profit of 18.9 million in 2010) due to massive writedowns, almost like the whole turnover that exceeds the billion euros (1.02 billion, -24% year-on-year).

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The Insolvency Of Solar Millennium A Year

Chief Of Solar Millennium Employ The Judiciary

The German Renewable Energy Company Solar Millennium

Germany’s Solar Companies Press Further Against

Good News For The Creditors

In March Shocked First Solar Its German

And Confirms That First Solar Will Focus

The Solar Power Company He Headed Before

This Company Was The Largest Manufacturer

Solar Millennium And Solarhybrid

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