PowerWind specialised in small to medium sized community projects in Germany, Italy, the UK and Eastern Europe. Its main product is a 500kW machine.
The company said project delays caused by difficulties financing projects, especially in Italy and Eastern Europe, was behind the insolvency decision.
Under the restructuring arrangement the company is still managed by PowerWind management, although this is now being overseen by restructuring specialist White and Case Insolvenz.
In late 2010, it was revealed PowerWind were slipping behind in the introduction of a 2.5MW. The company, a relative newcomer among turbine manufacturers, has slipped behind schedule for a second time.
At the time, PowerWind was optimistic about the machine. This year, it expected to install more than a dozen 2.5MW machines, all using rotor diameter of 100 metres, compared with the 90 metres planned for the two prototypes.
PowerWind said two 2.5MW turbines had been installed to date. However, it was unable to confirm whether the turbine would be continued.