German renewables developer Green City AG files for insolvency

»El Marques« solar park in northeastern Spain: the plant was commissioned by Green City in March 2020

Solar and wind farm operator Green City AG filed an application for insolvency proceedings with the district court in Munich on January 24 due to imminent insolvency and overindebtedness. The step had become necessary because talks with investors, which were already at an advanced stage, could not be concluded, the company announced in an ad hoc release. An extraordinary general meeting on January 20 had not led to a solution. The court will now decide shortly on the company's application and the appointment of a preliminary insolvency administrator. SdK Schutzgemeinschaft der Kapitalanleger e.V. assumes that other subsidiaries of Green City AG will also have to open insolvency proceedings unless it succeeds in deferring interest payments due in a timely manner.

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