On July 14, according to foreign media reports , SoWiTec, a German solar and wind energy developer, declared bankruptcy due to excessive debt.
SoWiTec said it had formally started bankruptcy proceedings in Tubingen, Germany, due to a shortage of funds and excessive debt. At the same time, the company's three subsidiaries , SoWiTec International, SoWiTec Projekt and SoWiTec Operation, have also started bankruptcy proceedings.
Regarding the reasons for the bankruptcy, Hummel, general manager and CEO
of SoWiTec, said that in addition to short-term cash flow problems, European solar developers have faced a tough market environment in recent months. Electricity prices are generally low in developed markets where most solar is built, eroding project margins. The situation of
wind power track is also grim. Hummel admitted that in the past year, the competition in the German onshore wind power market has become increasingly fierce. Due to the centralized approval of a large number of new projects in the industry, there was a serious over-subscription in wind power bidding, resulting in a sharp drop in the price of power supply contracts during the bidding process. According to
the data, SoWiTec was founded in 1993 and is an old German renewable energy project developer . It is mainly engaged in the full-process development of wind power and photovoltaic power plants , covering 14 countries on five continents, and has a large number of wind and solar power plants and reserve projects in Brazil, Mexico and Germany.
According to the official website, SoWiTec has been put into operation with a total installed capacity of 2.94 GW, and the global wind and solar reserve installed capacity is as high as 31.8GW . Among them, SoWiTec is developing a photovoltaic reserve project . About 8GW in Brazil, over 2.5GW in Mexico and 335MW in Argentina .
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