French Solarezo goes under receivership

Jun 28, 2013 - French renewable energy company Solarezo has not been able to secure bank financing and was placed under receivership on Wednesday by the commercial court of Dax.
The company had been negotiating for several months with three banks, Credit Agricole d'Aquitaine, Credit Agricole Pyrenees and Banque Populaire Aquitaine, to get additional loans.
If the refinancing had been granted, shareholders would have agreed to inject fresh funds in the company.
Solarezo, which registers an order backlog of EUR 50 million (USD 65.3m), according to chairman Laurent Giraud, has been weakened by the discontinuity in solar power regulations and particularly by the government's moratorium imposed in 2010.
The firm's project to build a 12-MW solar farm in Garein, southwestern France, may now be at risk.
Solarezo, which employs some 100, generated revenues of EUR 9 million in 2012.
(EUR 1.0 = USD 1.306)

Choose your newsletter by Renewables Now. Join for free!