Green City AG collected 250 million euros from investors for the production of green electricity. Then the group slipped into crisis.
(Photo: dpa)
Berlin News about financial difficulties and eager restructuring efforts at Munich-based Green City AG had been circulating since shortly before Christmas. Now the hopes of a quick rescue are shattered. The group’s board of directors has filed for insolvency “due to impending insolvency and over-indebtedness” at the Munich District Court, the group announced on Monday.
The step had become necessary because “the already well-advanced talks with investors could not be completed,” it said. That’s not all: the group company GCE Kraftwerkspark I GmbH has also filed for bankruptcy. “The sale of assets and the repayment of loans has been delayed and could not be completed on time.”
The Green City Group sees itself as a holistic provider for the development, construction, financing and operation of renewable energy plants in Europe. By the end of 2020, the group had built environmentally friendly power plants with a total output of 263 megawatts – in Germany, France, Spain and Italy.
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