FWT files for insolvency

GERMANY: FWT Energy, the company that emerged from the demise of former German turbine manufacturer Fuhrlander, has applied for insolvency.

FWT's revenue fell to €13.6 million in 2015 from €40.9 million in 2014
FWT's revenue fell to €13.6 million in 2015 from €40.9 million in 2014

Proceedings are set to be opened at the district court of Montabaur, Rhineland-Palatinate, after the application was filed on 21 January 2017.

With some 70 employees, FWT energy has been manufacturing and selling 2MW, 2.5MW and 3 MW onshore wind turbines since 2013.

Recent business included supply to a 51MW project in Kalmykia, southern Russia, announced in July 2016.

This was followed by an EU-backed order won in September 2016 for supply, installation and service of a 2.5MW turbine with 85m hub height and 104-metre rotor diameter in Belarus, with commissioning scheduled for July 2017.

Business operations at FWT Energy will continue while Alexander Romer, a partner in the Gorg Insolvency Administration who was chosen by the court as preliminary insolvency administrator on 23 January, reviews the company's economic situation.

The aim is to secure the company's business into the future, and "constructive discussions with interested investors are currently being conducted," according to the FWT Energy company statement.

The FWT group clocked up revenue of €13.6 million in 2015, after €40.9 million in 2014.

Its 2015 business was hit by the Ukraine crisis, which prevented delivery of six turbine component sets, a business statement released in August 2016 revealed.

The separate wind turbine service division, FWT Service DE, is not affected by the insolvency, this week's statement added.

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