German PV project developer Fellensiek Projektmanagement GmbH & Co. KG has filed for insolvency due to claims from an unnamed investor. However, the company’s 20 project entities remain unaffected, and buyers are being sought for their sale.
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German PV project developer Fellensiek Projektmanagement GmbH & Co. KG (FPM Projektmanagement) has filed for bankruptcy due to liquidity problems.
The Wilhelmshaven District Court in northern Germany has ordered provisional insolvency administration for Fellensiek, appointing Christian Kaufmann from Pluta Rechtsanwalts GmbH as the provisional insolvency administrator on Sept. 3.
Kaufmann said that business operations will continue with the 20 employees, and their salaries will be secured for three months. The insolvency is due to claims amounting to “millions” of euros from an unspecified investor. While the holding company is affected, the group’s 20 project companies are not part of the insolvency proceedings.
“In the coming weeks, we will analyze which options are possible for Fellensiek,” said Kaufmann. “To this end, we will conduct negotiations with interested parties who would like to take over its photovoltaic projects.”
FPM Projektmanagement – founded in 2012 in Jever, Germany – originally focused on wind farms. It now specializes in developing large PV systems. It leases roof space for its projects, and handles planning, financing, construction, and operation, in addition to feeding the electricity into the grid. FPM Projektmanagement also sells solar systems to third parties.
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