Solar hybrid
| Solarhybrid AG
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|---|---|
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| legal form | Corporation |
| Seat | Brilon , Germany |
| management |
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| Number of employees | 70 |
| sales | 144 million euros |
| Branch | Solar energy, power plant construction |
| Status: 2010 | |
The solar hybrid AG is from March 2012, insolvent German company that specializes in the development, planning and construction of turnkey large photovoltaic specializes photovoltaic power generation plants around the world. In August 2010 it changed the spelling of its company name from SolarHybrid to solarhybrid .
The company's founding idea was the marketing of hybrid modules that use both solar heat for domestic water heating ( solar thermal energy ) and solar radiation for generating electricity. The photocells for these modules came from Q-Cells .
Business activity
The company began marketing hybrid modules in 2008. In May 2010 in Finowfurt , Finow Tower I, one of the largest ground-mounted photovoltaic systems at the time, was completed. This plant cost 58 million euros and has a nominal output of 24.3 MW. In the summer of 2011, however, the company separated from the solar thermal and sales of photovoltaic modules business areas in order to focus on the construction of large-scale photovoltaic power plants with an output of more than 10 MWp.
Following the completion of the Finowtower I power plant, further large power plants were developed and built in Germany, Italy and Slovakia with a total output of almost 200 MWp by the end of 2011. Solarhybrid AG thus became the sixth largest general contractor for large-scale photovoltaic power plants in the world within two years.
In the immediate vicinity of Finow Tower I, an extension with Finow Tower II was built in 2011 within 15 weeks for 120 million euros. Together, with 84.7 MW, the two systems form the largest ground-mounted photovoltaic system in Europe at the time. In both cases, Commerzbank provided debt capital .
With the completion of the power plants, the sales of solarhybrid AG rose sharply in a short time. While the sales of hybrid modules in 2009 amounted to 15.1 million euros, power plants had already achieved 113.4 million euros in 2010 (total with hybrid modules 144.3 million euros, corresponding to 956% growth). In the first half of 2011, power plant sales of EUR 104.9 million were almost as much as in the entire previous year, and the company only achieved sales of EUR 181.1 million in the third quarter. The profit also rose sharply. After a year of losses in 2009, an almost balanced year in 2010, a net group result of EUR 5.9 million was achieved in the first nine months of 2011. On October 5, 2012, the company published a sales forecast of "well over EUR 400 million" and an EBIT of more than EUR 15 million for 2011, which was confirmed in the stock exchange prospectus in November 2011 when the share was listed in the General Standard. However, due to the bankruptcy filing in March 2012, no annual report for the 2011 financial year was published.
In February 2012, Solarhybrid bought the two project holding companies Solar Millennium Capital GmbH and Solar Millennium USA 2 GmbH from Solar Millennium AG, which together had solar projects in the USA with a total output of approx. 2,250 MWp. At the beginning of March it was announced that Solarhybrid had already made a payment of 7.5 million euros to Solar Millennium in October 2011. After Solar Millennium had filed for insolvency in December 2011, which was under bankruptcy avoidance (Insolvency Code § 129 ) tested this payment by the prosecution. The investigation did not result in any charges or trials.
Insolvency due to the EEG amendment 2012
On February 29, 2012, the federal government presented the Bundestag with a formulation aid for an amendment to the Renewable Energy Sources Act (EEG), which provided that photovoltaic systems with an output of more than 10 MWp should only receive feed-in tariffs if the The decision to set up the development plan was made before March 1st and the facility will be completed in conformity with the EEG before July 1st, 2012. Solarhybrid AG then announced on March 7, 2012 that this change in the legal situation would make it impossible to implement systems planned in Germany and would lead to depreciation of investments in German projects of at least 7.5 million euros. It was also announced that the profit targets for the current year could no longer be achieved and that a corporate bond placement planned for the acquisition in the USA and the further development of the company had to be canceled due to the uncertain legal situation. On March 8, 2012, the rating of solarhybrid AG (then BBB) was suspended by Creditreform .
On March 20, 2012, insolvency was filed with the Arnsberg District Court . The bankruptcy proceedings were opened on June 1, 2012.
Solarhybrid AG is one of a total of five listed solar companies (solarhybrid AG, Q-Cells , Ralos , Centrotherm photovoltaics , Conergy ) that filed for insolvency or for creditor protection after the 2012 EEG amendment was announced . The large companies Siemens and Bosch also announced that they were leaving the solar industry.
share
The share was listed on June 12, 2008 in the open market of the Frankfurt Stock Exchange. On November 17, 2011, it was listed in the General Standard of the Frankfurt Stock Exchange.
When filing for insolvency, the major shareholder was BF Holding GmbH with around 23 percent. At that time, around 72 percent of the shares were in free float.
After the announcement that board member Tom Schröder had sold a large number of shares, there were considerable price losses. On March 13, 2012, the share price fell by around 40 percent within a week. The lowest price was EUR 0.63. The loss in value since March 5th added up to almost 85 percent.
The stock exchange listing was discontinued in mid-2015 at the request of the insolvency administrator.
Individual evidence
- ↑ Surprises guaranteed by Photovoltaik Magazin December 2011
- ↑ FinowTower II solar power plant to 84.7 MWp connected to the grid on time http://www.windkraft-journal.de
- ↑ solarhybrid consolidated financial statements according to IFRS DGAP July 21, 2011
- ↑ solarhybrid with a successful half year. Profit and sales increase significantly DGAP August 15, 2011
- ↑ solarhybrid after 9 months with sales of EUR 286 million and EUR 11.5 million EBIT DGAP October 10, 2011
- ↑ solarhybrid receives major orders for two more solar power plants DGAP October 5, 2011
- ↑ Securities prospectus for admission to the regulated market on the Frankfurt Stock Exchange (General Standard) of 6,295,901 bearer shares of solarhybrid AG, p. 162ff
- ↑ solarhybrid takes over US project pipeline from Solar Millennium AG DGAP February 3, 2012
- ↑ First fed, then cannibalized Handelsblatt, March 4, 2012
- ↑ Formulation aid from the Federal Government: Draft of a law to change the legal framework for electricity from solar radiation energy and to make further changes in the law of renewable energies ( Memento of the original from October 5, 2013 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked . Please check the original and archive link according to the instructions and then remove this notice. www.hans-josef-fell.de
- ^ Solarhybrid: Effects of the proposed EEG amendment on solarhybrid AG DGAP March 7, 2012
- ↑ solarhybrid: solarhybrid receives the rating BBB + DGAP from Creditreform Rating October 13, 2011
- ↑ solarhybrid: Creditreform rating suspended DGAP March 8, 2012
- ^ Solarhybrid AG: Application for insolvency http://www.dgap.de
- ↑ solarhybrid: Insolvency proceedings opened http://www.finanzen.net
- ↑ At Siemens the sun goes up at www.sueddeutsche.de
- ↑ No perspective for photovoltaics www.tagesspiegel.de
- ↑ Solarhybrid share rushes inexorably into the depths ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. http://www.capital.de
- ↑ Regular delisting of solarhybrid AG, Brilon. German Society for Ad-hoc Publicity , January 5, 2015, accessed on August 15, 2015 .
Coordinates: 51 ° 23 ′ 47.1 ″ N , 8 ° 34 ′ 40.4 ″ E