German wind turbine manufacturer files for insolvency
Regional wind group says German government's new enthusiasm for gas power further unsettles investors
A German wind turbine manufacturer has filed for insolvency, which could cost a regional government millions and leave 280 people unemployed.
Rostock-headquartered Eno Energy is a niche player, but it has wind turbines from 3.5MW to 6MW on offer, which it sells not only in Germany, but also in France, Sweden and Poland.
Its financial woes started after an important supplier of rotor blades cancelled a supply contract, leading to time-consuming rescheduling of projects, the newspaper said.
Eno Energy in May still had closed a long-term financing deal with several regional banks that was backed by the state of Mecklenburg-Western Pomerania with guarantees worth more than €13m ($15m), it is said.
Government unsettles investors
Regional wind groups said the German government's new enthusiasm for fossils is further unsettling investors.
"The framework conditions are not stable in the long term and are not optimal. From the perspective of the industry that builds large power plants, it is very important which technology to invest in."
But Iffländer added that the government's recent discussions had no direct connection to Eno Energy's insolvency. Iffländer is also managing director for renewables at developer Skyborn Renewables.
Iffländer added that Eno's current woes "could also be an opportunity for a fresh start."
The company is based and has manufacturing sites in the same region as its much larger peer Nordex.
Eno Energy in 2023 had revenues of €62m and earnings before interest and taxes (Ebit) of €9.5m. Figures for last year have not been made public yet.