Gehrlicher Solar says insolvency poses no danger to PV projects in Romania

German photovoltaics company Gehrlicher Solar said on Friday it has contracted an estate loan of several millions euro to complete in time its sites under construction, most of which located in Romania.

The company, which filed for bankruptcy protection a few weeks ago, said in a statement it has five projects underway in Romania worth a total of 11 million euro ($15 million).

Gehrlicher Solar's preliminary administrator expects that with exploratory discussions already in an advanced stage the company's U.S. subsidiary is likely to be sold soon.

The company's foreign independent subsidiaries in Italy and Spain have not been affected directly by the filing. Their solar projects and existing project rights are being offered on the market by M&A consultants, the statement added, quoting the preliminary administrator.

($ = 0.7656 euro)

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