Financial Crisis Hits Solar Panel Industry: MVP Solar and Others Face Bankruptcy Amid Market Changes

Hospodářské noviny drew attention to it. According to the Insolvency Register, MVP Solar owes more than 4.26 million crowns to the bank. According to her, creditors should also include the Czech Social Insurance Administration, the General Insurance Company and other companies.

MVP Solar isn’t the only panel assembly company in trouble. In July, the bankruptcy court sent the company Frydek-Míske Greentech Energy to bankruptcy, which was registered by its own employees, who had salaries.

Perhaps the most famous case is the case of Energetického holding Malina, whose clients had hundreds of millions. The company tried to revive itself with the entry of a Chinese partner and reorganization, but it failed. In late July, the bankruptcy judge terminated the company’s operations.

And there will be more similar cases. According to Petr Kotek from the Refsite portal, 320 companies that installed solar panels and heat pumps ended up in bankruptcy, a third of them got out of it. At the same time, according to him, it is possible that the Malin case will also be repeated. “There are officials who have founded three companies, for example, and when you add it, the problem will be big,” he said for Novinky.

According to the Solar Association, the market for photovoltaic power plants is undergoing fundamental changes. In the first half of the year, 23.8 thousand of them were commissioned, which is 21 thousand less than in the same period last year. However, the installed power is about the same. That means that interest in solar energy is moving from homes to businesses, said the association.