The Finnish wind turbine maker WinWinD has filed for bankruptcy, blaming financial uncertainty and low demand for its poor performance.
A district court in Finland accepted a voluntary petition for bankruptcy and has appointed an administrator to decide whether the company can survive or should start selling off its assets.
In a statement the firm said: “WinWinD has been incurring heavy losses for the past several years and the company’s debts are currently close to €300 million (£255 million). The efforts of WinWinD in trying to arrange for necessary funding and approval for restructuring process has not been successful and hence this decision.”
The company said 130 employees from both Finland and Sweden will be affected.
It added: “We regret that the current international financial uncertainty and the decrease in demand in wind energy sector have made it difficult in recent years to develop the business, increase sales and reach profitability.”