WinWind, which sells a 1MW and 3MW turbine, said it has accrued around EUR 300 million in debt. According to Windpower Intelligence, the company did not install any turbines in 2012.
In a statement, the company said: "The efforts of WinWind in trying to arrange for the necessary funding and approval for the restructuring process have not been successful, and hence this decision.
"We regret that the current international financial uncertainty and the decrease in demand in the wind energy sector have made it difficult in recent years to develop the business, increase sales and reach profitability."
A total of 130 employees based in Finland and Sweden will be affected by the move, the company warned.
The petition was filed to the Finnish district court on 3 October, with the judge accepting the petition and appointing attorney Pauliina Tenhunen as administrator.