Although not a huge surprise in this case, it is always a shame to see big players in the sector having to fold. SolarWorld have been increasingly marginalised in the industry over the last few years with their support for MIP and they have just not been able to compete on price with the Asian PV suppliers. It will be interesting to see what happens when MIP is next up for review. Without the lobbying efforts of SolarWorld it could mean it will finally be abolished. Having not been a profitable business for the last few years unfortunately it was inevitable that this day would come. With the price of PV modules falling so sharply, I expect there will be further casualties.
Integrated PV module manufacturer SolarWorld has officially announced that it has been forced into bankruptcy proceedings. SolarWorld said in a financial filing that the management Board had conducted a diligent review of business conditions and its indebtedness and concluded it should file for insolvency immediately. SolarWorld had struggled for years to return to profitability after chronic overcapacity and module price declines devastated the solar industry for several years before recovering in 2014.