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Germany

Germany

Juwi plans to axe 400 jobs

GERMANY: Renewable energy developer Juwi is to cut 400 jobs and reduce its operations outside its native Germany due to what it called "upcoming changes in the energy markets".

Juwi develops solar PV and wind projects
Juwi develops solar PV and wind projects

The company said it is to embark on a "comprehensive restructuring and cost-cutting programme", while also looking for an external investor to strengthen the company's equity ratio.

As part of the changes, 250 jobs will be cut in Germany and 150 abroad, out of a total of 1,500 employees globally. Juwi will also outsource non-core business activities, including turbine towers, racking systems and the sale of electricity.

On top of this, the company will consider the short-term closure or reduction of some activities abroad, especially in Europe, but also in the Americas.

Fred Jung and Matthias Willenbacher, founders and CEOs of Juwi, lay part of the blame at the feet of politicians who recently passed the amendment to the German Renewable Energy Act, saying that it showed that "expansion of renewable energies is indeed not going to be accelerated".

There will also be a reorganisation of the company's board. A new chairman focusing on restructuring and financing will be created, while Stefan Gros will take on the position as CFO.

Juwi said that its wind energy division has been performing in line with previous years, with around 200-300MW in the German pipeline for this year, and another 200MW expected to be installed in core markets outside Germany.

However, the collapse of the German solar market in 2013 meant that the company's revenue fell 30% in 2013.

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