Scheuten Solar, a PV module manufacturer and project developer based in the Netherlands, says it has filed for suspension of payment to ‘certain solar entities.’ The company blames the global module-oversupply situation and other market pressures for its weakened financial state.
Dramatic oversupply of standard PV modules in the European market during the last 12 to 18 months has led to a price fall of more than 50%, Scheuten Solar says, adding that its margins have been under ‘tremendous pressure for a prolonged period.’
Beginning last year, the company began efforts to obtain investment from another PV company – an initiative that was unsuccessful. Consequently, the company says it is now ‘entering into a situation where it can no longer serve its creditors.’
