Suntastic Solar Companies in Austria File for Insolvency, Impacting 125 Employees and 400 Creditors

Two photovoltaic companies, Suntastic.Solar Holding GmbH and Suntastic.Solar Handels GmbH, based in Korneuburg, Austria, have filed for insolvency. This move affects 125 employees and around 400 creditors, with debts totaling approximately €39 million.

Suntastic.Solar Handels GmbH, a photovoltaic wholesaler, saw its revenue surge from €16 million in 2020 to €125 million in 2023. However, the market for photovoltaic systems unexpectedly collapsed in 2023, leading to severe financial difficulties. The company's inventory can now only be valued at a 75% discount. The insolvency is attributed to the COVID-19 pandemic, supply chain disruptions, and the unexpected market collapse.

The insolvency of Suntastic. Solar Handels GmbH has significant consequences. The company currently employs 80 people, with 42 job losses expected as a result of a partial closure. Over 330 creditors are affected, with assets valued at €3.3 million. The company, founded in 2004 as Monitors & More IT Handels GmbH and renamed Suntastic. Solar Handels GmbH in 2015, has been a key player in the photovoltaic market.

The insolvency of Suntastic. Solar Holding GmbH and Suntastic. Solar Handels GmbH highlights the struggles of the European solar industry, which is facing significant challenges as a result of cheap imports from China. This could lead to further job losses and consolidation in the industry, potentially affecting the global transition to renewable energy.

Suntastic.Solar Holding GmbH, which manages and directs the investments in companies within the suntastic.solar group, is also heavily impacted. The insolvency of Suntastic.Solar Handels GmbH has resulted in high bad debt losses and corresponding value adjustments for the holding company. The holding company employs 45 people, with 22 expected to remain. Additionally, 60 creditors are affected, with assets valued at €1.22 million, according to a report.

The restructuring plan for both companies proposes a minimum quota of 20%, payable within two years of acceptance. The report and examination date is set for July 10, and the restructuring plan date is set for August 28. The insolvency proceedings for Pvk.solar Montage GmbH, which employs 28 people, have already been opened, with liabilities of approximately €1.4 million. A bankruptcy procedure has been requested for suntastic.solar Installations GmbH, since the photovoltaic industry continues to face challenges.

The broader European solar industry is facing significant challenges as a result of the massive import of cheap solar panels from China. China has expanded its production capacity for solar panels, with around 80% of global solar module production now coming from China. European manufacturers are struggling to compete with Chinese prices, which are subsidized by the state and have lower production costs.

The insolvency of Suntastic. Solar Holding GmbH and Suntastic. Solar Handels GmbH highlights the broader difficulties faced by the European solar industry. With significant job losses and substantial debts, the future of these companies remains uncertain as they make their way through the insolvency proceedings.

Key Takeaways

• Two Austrian photovoltaic companies, Suntastic.Solar Holding and Handels, file for insolvency.
• 125 employees and 400 creditors affected, with debts totaling €39 million.
• Market collapse, COVID-19 pandemic, and supply chain disruptions cited as causes.
• European solar industry struggles to compete with cheap Chinese imports.
• Insolvency may lead to further job losses and industry consolidation.