Solon announces further closures in restructuring
The Solon group has announced a financial expert to take over operations of financially struggling Solon with the company revealing more European closures.
In the light of adopting operations and structures of the Solon group to the changing market conditions in Europe, Dr. Rolando Gennari has been appointed to take over the co-ordination of the process. As the head of Europe, Dr. Gennari will be responsible for the strategic repositioning of Solon as a leading player on the continent.
"With nearly thirty years of international experience in the finance sector, consulting and management in the renewables industry, Rolando Gennari perfectly matches the senior profile needed for the further development of the SOLON brand, products and services in Europe", explains Solon International CEO Anjan Turlapati.
The relocation of the global headquarters from Germany to the United Arab Emirates in April 2014 and the related closure of production facilities in Berlin have enabled Solon to focus its resources and efforts on prioritized business development activities.
In order to ensure the repositioning of the group in Europe, further consolidation and restructuring is necessary. In this context, contrary to expectations the insolvency of two of the former operations units, which were in charge of manufacturing and have been out of operation since April 2014, is unavoidable.
"These steps are unpleasant, but necessary in order to position the group on a solid operating and financial base", explains Managing Director Kasi Viswanathan.
The Solon Modules GmbH and the Solon Energy GmbH have filed today for insolvency at the Berlin Charlottenburg local court.
Thanks to the integration of SOLON into the UAE-based Microsol Group in 2012, insolvency of the overall Solon Group was being terminated. Since then, the SOLON group has been able to take advantage of prosperous opportunities in the international solar energy market and focus its global growth perspective on new emerging markets Asia and MENA.
