aleo solar AG closes plant in Spain

Oldenburg, Germany - aleo solar AG will close its plant in the Spanish village of Santa Maria de Palautordera by the end of this year, at the latest.

The Supervisory Board of aleo solar AG has approved the corresponding decision of the Management Board. Against the background of global overcapacity and ongoing price war on the photovoltaic market, the primary corporate objective is to utilise the capacity of 280 megawatts in Prenzlau.

The Spanish photovoltaic market, which had already collapsed in 2009, has come to a complete standstill since the Moratorium for Renewable Energy Incentive Programmes of January 2012. The plant in Spain has a production capacity of about 20 megawatts. The closure of this location has no impact on the planned sales volume and turnover of aleo solar AG. The 92 employees working at the Santa Maria de Palautordera location will no longer be retained. The company shall immediately approach the works council to negotiate a social compensation plan for the employees.

Source: IWR Online, 11 Jun 2012