Insolvent Austrian module manufacturer Energetica finds investor
From pv magazine Germany
Insolvent Austrian PV module manufacturer Energetica has a new owner, Wien-based company Irma Power GmbH.
“Irma Power GmbH has taken over all shares in the company,” Energetica managing director Erwin Toplac told pv magazine. “There was a bidding process from which Irma Power emerged as the winner.”
Insolvency administrator Ferdinand Lanker told Austrian broadcaster ORF that the move could be considered a hostile takeover, as the consent of the previous shareholders was not necessary and they were not asked to approve the transaction. “I now have a new owner and this owner has taken over the rights and obligations of the previous shareholder,” said Lanker.
The new owner is financially strong and is planning to maintain and expand module production at the company's manufacturing facility in Liebenfels, he added. Toplac confirmed Lanker's comments but at the same time emphasized that Irma Power had so far only taken over the business shares, not the operational business. Due to the insolvency proceedings, this remains Lanker's responsibility. However, he hopes that the insolvency administrator and creditors' approval for the takeover of the operational business by Irma Power can be obtained by March.
Energetica's insolvency was announced in autumn 2021. At that time, the management said the liabilities amounted to almost €25 million. Insolvency proceedings began in November and the search for a financially strong investor to maintain photovoltaic production in the state of Carinthia began.
Energetica pursued the goal of setting up gigawatt-scale solar module production in Liebenfels, but manufacturing activities there are currently continuing on a small scale.
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