Czech solar panel importer nanosun is insolvent, owes hundreds of millions of crowns

nanosun, which in recent years was one of the largest importers of solar panels into Czechia, is insolvent. The Municipal Court in Prague ruled on the matter today, acting on a petition filed by the company itself. In its petition, the company acknowledged liabilities worth hundreds of millions of crowns. Ekonomický deník reported the news today. It is another company in the renewable energy sector facing problems. Insolvency proceedings were launched in recent weeks against companies including Woltair and S-Power Energies.

nanosun's problems began in 2023, when the company recorded a sharp drop in both profit and revenue. Its situation worsened further last year, when the European market was oversupplied with solar panels from China and companies holding stocks had to sell below cost.

In its petition, the company acknowledged liabilities to Česká spořitelna, Komerční banka and UniCredit Bank totaling 398 million crowns. Another creditor whose invoices nanosun is unable to pay is transport company Bohemia Cargo.

"The petitioner is therefore currently unable to meet its due financial obligations, particularly following the termination of the restructuring agreement and the banks' acceleration of its loans," nanosun's management said in the insolvency petition.

The court ruled today that the company was insolvent and appointed Langmeier & Co as nanosun's insolvency administrator. By the end of October, the administrator is to prepare a report on the company's activities and financial situation, as well as a list of its filed claims. The next steps will be decided at a creditors' meeting convened by the court for Thursday, November 13.

nanosun has been operating since 2013, focusing mainly on importing and distributing photovoltaic panels and other technologies for small solar power plants. In 2022, it reported revenue of 4.6 billion crowns and net profit of more than 91 million crowns. According to Ekonomický deník, it also appeared that year in the Financial Times ranking of the fastest-growing companies. A year later, net profit fell to 6.4 million crowns and revenue to 3.3 billion crowns. The company has not yet published its results for last year.

nanosun is another in a series of renewable energy companies that have recently entered insolvency. In recent weeks and months, these have included Woltair, Solek, Hydropol and Green Holding. The best-known case is the 2023 collapse of Energetický holding Malina, which failed to complete installations for thousands of customers.