Conergy, once one of Europe’s largest solar power companies, has filed for insolvency.

The German company has cited inability to bring on board a new investor as well as what it referred to as an “unexpected delay” in payment from a big project, reports the Financial Times.

Philip Comberg, Conergy

Philip Comberg, Conergy chief executive, said in a statement: “In the last 15 months, we have presented two concrete concepts on the investment by investors to our lenders. We very much regret that they repeatedly could not reach a reliable agreement on a timely implementation of the proposal.”

He added: “The management board will now fully support the preliminary insolvency administrator in order to hopefully secure all jobs and to continue business operations without any disruptions.”

Conergy employs about 1,200 staff globally – 800 in Germany and about 400 in its international subsidiaries.

A global glut in supply combined with plunging prices amid stiff competition from Asia has brought down or seriously debilitating some of the biggest names in the sector in the past two years.

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