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Sumac Ridge wind turbine manufacturer files for insolvency

Senvion, the German company behind the Sumac Ridge turbine project in Kawartha Lakes, filed for insolvency just days before a Pontypool-area turbine failed on April 20. ...Financial sources had told Reuters that the Hamburg-based company needed at least 100 million euros ($112 million) in the short term to keep operating.

Court action completed just days before blade broke on Kawartha Lakes turbine

Senvion, the German company behind the Sumac Ridge turbine project in Kawartha Lakes, filed for insolvency just days before a Pontypool-area turbine failed on April 20.

On April 9, Reuters reported that a German court had approved an application for insolvency from Senvion. The report said that the company was also continuing to look at new funding options, and various potential investors had shown interest.

Financial sources had told Reuters that the Hamburg-based company needed at least 100 million euros ($112 million) in the short term to keep operating.

In the weeks leading up to the court date, Senvion announced that it would shut down operations in some countries, focusing on the “most attractive markets.” Last year, the company said it had successfully entered new markets — including India and Latin America — and would increase its focus on “promising growth areas.”

"We have taken swift action to fix execution weaknesses both in terms of our project management as well as strengthening of regional teams in order to recover the lost revenues and profits as quickly as... more [truncated due to possible copyright]  

Court action completed just days before blade broke on Kawartha Lakes turbine

Senvion, the German company behind the Sumac Ridge turbine project in Kawartha Lakes, filed for insolvency just days before a Pontypool-area turbine failed on April 20.

On April 9, Reuters reported that a German court had approved an application for insolvency from Senvion. The report said that the company was also continuing to look at new funding options, and various potential investors had shown interest.

Financial sources had told Reuters that the Hamburg-based company needed at least 100 million euros ($112 million) in the short term to keep operating.

In the weeks leading up to the court date, Senvion announced that it would shut down operations in some countries, focusing on the “most attractive markets.” Last year, the company said it had successfully entered new markets — including India and Latin America — and would increase its focus on “promising growth areas.”

"We have taken swift action to fix execution weaknesses both in terms of our project management as well as strengthening of regional teams in order to recover the lost revenues and profits as quickly as possible," said Yves Rannou in a company news release; Rannou took over as CEO at the beginning of January.

"We have a strong firm order book of almost five billion euros, a great market position and excellent products which our customers like. But we made operational mistakes in a challenging market environment and now need to focus on execution and on strengthening our customer focus."

Last week, officials with WPD Canada — the company that maintains the wind turbines at Sumac Ridge — said that it could be some time before they know what caused a blade on one of their turbines to break apart.

Jon Clifford, project manager with WPD Canada, told mykawartha.com that he’d never seen something like this happen with any of the projects he’s worked on before.


Source: https://www.mykawartha.com/...

APR 29 2019
http://www.windaction.org/posts/49772-sumac-ridge-wind-turbine-manufacturer-files-for-insolvency
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