Vienna-based Activ Solar GmbH announces today that it has filed for reorganization in Austria due to its investment exposure in Ukraine.
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 10MW in 2015. This development has negatively impacted the company’s silicon production business and thus prompted the management decision to launch reorganization proceedings.
Activ Solar’s foreign operations shall remain uninterrupted.