Activ Solar
{{Infobox company
| name = Activ Solar GmbH
| logo = Activ Solar.png
| caption =
| type = Gesellschaft mit beschränkter Haftung
| traded_as =
| fate =
| predecessor =
| successor =
| foundation = {{Start date|2008}}
| founder =
| defunct =
| location_city = Vienna
| location_country = Austria
| area_served = Ukraine
| key_people = Kaveh Ertefai (CEO)
Johann Harter (COO)
Mykhailo Cherevko (Director, Ukraine subsidiary)
| industry = Photovoltaics
| products = Polysilicon
| services = Large-scale solar PV project development
| revenue =
| operating_income =
| net_income =
| assets =
| equity =
| owner =
| num_employees = 1,400+ (2011; together with subsidiaries)
| parent =
| divisions =
| subsid = Diamond Activ Solar GmbH
PJSC Semiconductor Plant
Activ Solar LLC (Ukraine)
| homepage =
| footnotes =
| intl =
}}
Activ Solar GmbH, headquartered in Vienna, Austria, was a developer of solar energy. It was engaged in the production of polycrystalline silicon (polysilicon) for the solar PV industry and the development of large-scale photovoltaic power stations in Ukraine. In February 2016, it filed for insolvency.
{{cite news
| url = http://diepresse.com/home/wirtschaft/economist/4922854/Grosste-Pleite_UkraineFirma-Activ-Solar-mit-Sitz-in-Wien-pleite?_vl_backlink=/home/wirtschaft/economist/index.do
| title = Größte Pleite: Ukraine-Firma Activ Solar mit Sitz in Wien pleite
| newspaper = Die Presse
| agency = APA
| date = 2016-02-10
| accessdate = 2016-02-16
|trans-title=Biggest defeat: Ukraine company Activ Solar, headquartered in Vienna broke
| language = German}}
Operations
=Polysilicon production=
Activ Solar produced high-purity polysilicon at its subsidiary PJSC Semiconductor Plant, located in Zaporizhzhia, Ukraine. The production of semiconductor materials at the original Zaporizhzhia Titan and Magnesium Plant dates back to 1935. The facility formed the foundation of PJSC Semiconductor Plant, which began production of semiconductor-grade polysilicon in 1964. It was separated from the Zaporizhzhia Titan and Magnesium Plant in 2002.
{{cite news
| url = http://www.ukrrudprom.com/news/Andrey_Klyuev_priobrel_Zaporogskiy_zavod_poluprovodnikov.html
| script-title=ru:Андрей Клюев приобрел завод полупроводников
| work = UkrRudProm
| publisher = Solar Media Limited
| date = 2009-02-03
| accessdate = 2011-11-28
| trans-title=Andriy Klyuyev acquired semiconductor plant
| language = Russian}}
The plant was historically also the only manufacturer of high-purity trichlorosilane in the Soviet Union. After comprehensive refurbishment and modernization, PJSC Semiconductor Plant reached an annual capacity of 2,500 metric tons of polysilicon and 27,000 metric tons of trichlorosilane (HCl3Si). In 2011, the facility reached capacity of ~20 metric tons per annum of monocrystalline silicon using legacy equipment with a plan to expand to ~400 metric tons per annum. The factory also produced silicon tetrachloride (SiCl4), hydrogen, nitrogen and hydrochloric acid.
{{cite news
| url = http://ua-energy.org/en/post/8309
| title = Johann Harter: We will construct one of the largest PV power stations in the world
| publisher = Ukrainian Energy
| date = 2011-06-15
| accessdate = 2011-11-28
| archive-url = https://web.archive.org/web/20110831180747/http://ua-energy.org/en/post/8309
| archive-date = 2011-08-31
| url-status = dead}}
=Solar PV projects development=
Activ Solar developed large-scale solar photovoltaic installations. As of November 2012, it had developed six solar PV power stations with 313.35 megawatts (MW) of installed capacity on the Crimean Peninsula and Odesa region.
{{cite news
| url = https://uaenergy.com.ua/post/12518/moshchnost-solnechnyh-parkov-ctiv-olar-prevysila-300-mvt
| title = Мощность солнечных парков Activ Solar превысила 300 МВт
| trans-title = Activ Solar's power solar parks exceeded 300 MW
| language = Russian
| work = UA Energy
| date = 2012-08-11
| accessdate = 2012-12-11 }}
The company constructed Ukraine's first large-scale photovoltaic power plant—the 7.5 MW Rodnikovoye Solar Park—in February 2011. It was built about {{convert|3|km}} from Simferopol in Crimea. The total number of solar modules installed reached about 33,800 on a total surface area of approximately {{convert|15|ha}}.
{{cite news
| url = http://www.euronews.net/2011/06/24/ukrainian-solar-plant-signals-green-power-drive
| title = Ukrainian solar plant signals green power drive
| work = Euronews
| date = 2011-06-24
| accessdate = 2011-11-28}}
{{cite news
| url = https://www.bbc.co.uk/news/world-europe-13926984
| title =Ukraine hopes solar power will cut its energy imports
| work = UA Energy
| date = 2012-06-27
| accessdate = 2011-11-28}}
In October 2011, Activ Solar commissioned the 80 MW Okhotnykovo Solar Park. Installation consisting of approximately 360,000 ground-mounted PV-modules and spanning over {{convert|160|ha}} able to generate 100 GWh of electricity per year.
{{cite news
| url = http://www.pv-tech.org/news/mission_accomplished_for_activ_solar_final_phase_of_ukraine_solar_plant_com
| title = Mission accomplished for Activ Solar: final phase of Ukraine solar plant completed
| work = PV Tech
| publisher = Solar Media Limited
| first = Nilima | last = Choudhury
| date = 2011-10-26
| accessdate = 2011-11-28}}
{{cite news
| url = http://www.pv-tech.org/news/activ_solar_connects_first_phase_of_80mw_ukrainian_solar_plant_to_grid
| title = Activ Solar completes first phases of 80MW Ukrainian solar plant
| work = PV Tech
| publisher = Solar Media Limited
| first = Chris | last = Whitmore
| date = 2011-08-09
| accessdate = 2012-12-11}}
{{cite news
| url = http://www.huffingtonpost.com/2011/08/29/solar-plant-ukraine-natural-energy_n_941274.html
| title = Solar Power Plant In Ukraine
| work = The Huffington Post
| publisher = HPMG News
| date = 2011-08-29
| accessdate = 2012-12-11}}
{{cite news
|url=http://www.solarserver.com/solar-magazine/solar-news/current/2011/kw23/activ-solar-commissions-20-mw-pv-plant-in-ukraine-largest-in-eastern-europe.html
|title=Activ Solar commissions 20 MW PV plant in Ukraine, largest in Eastern Europe
|work=SolarServer
|date=2011-06-09
|publisher=HPMG NewsHeindl Server GmbH
|accessdate=2012-12-11
|url-status=dead
|archiveurl=https://web.archive.org/web/20120621224407/http://www.solarserver.com/solar-magazine/solar-news/current/2011/kw23/activ-solar-commissions-20-mw-pv-plant-in-ukraine-largest-in-eastern-europe.html
|archivedate=2012-06-21}}
File:Perovosolarstation.jpg (105.56 MW)]]
File:Mityaevo Solar Park 2012.jpg
File:STAROKOZACHE SOLAR STATION 2013.jpg (42.95 MW)]]
In December 2011, Activ Solar completed the 105.56 MW Perovo Solar Park, amongst the largest in the world. Perovo's more than 440,000 crystalline solar PV modules can produce as much as 132.5 GWh) of electricity per year.
{{cite news
| url = http://cleantechnica.com/2011/12/29/activ-solar-commissions-100-plus-mw-perovo-solar-pv-station-in-ukraines-crimea
| title = Activ Solar Commissions 100-Plus MW Perovo Solar PV Station in Ukraine's Crimea
| work = Cleantechnica
| date = 2011-12-29
| accessdate = 2012-12-11}}
| url = http://www.pv-tech.org/project_focus/perovo_solar_power_station_ukraine
| title = Perovo Solar Power Station, Ukraine
| work = PV Tech
| publisher = Solar Media Limited
| first = Chris
| last = Whitmore
| date = 2012-01-03
| accessdate = 2012-12-11
| archive-date = 2012-07-15
| archive-url = https://web.archive.org/web/20120715020521/http://www.pv-tech.org/project_focus/perovo_solar_power_station_ukraine
| url-status = dead
{{cite news
|url=http://www.pvresources.com/PVPowerPlants/Top50.aspx
|title=Large-Scale Photovoltaic Power Plants
|work=Pvresources
|accessdate=2012-12-11
|url-status=dead
|archiveurl=https://web.archive.org/web/20160101115142/http://www.pvresources.com/PVPowerPlants/Top50.aspx
|archivedate=2016-01-01
}}
In April 2012, Activ Solar finished work on the 31.55 MW station located in the village of Mityaevo in Crimea. The ground-mounted power station houses over 134,000 polycrystalline modules, installed in double rows and connected by over {{convert|440|km}} of cable, and able to generate approximately 40 GWh of electricity per annum.
{{cite news
| url = http://eqmaglive.com/index.php?option=com_multicategories&view=article&id=7830:activ-solar-completes-3155-mw-mityaevo-solar-pv-power-station#.UMdp56V7QaY
| title = Activ Solar Completes 31.55 MW Mityaevo Solar PV Power Station
| work = EQ INTERNATIONAL
| accessdate = 2012-12-11}}
In July 2012, Activ Solar completed the 42.95 MW Starkozache power plant in Odesa Oblast. It is installed over a surface of {{convert|80|ha}} and consists of 185,952 multi-crystalline solar modules and 41 inverters. The solar plant is able to generate 54.106 GWh of electricity per annum.{{cite news
| url = http://eqmaglive.com/index.php?option=com_multicategories&view=article&id=10863:activ-solar-completes-final-phase-of-the-starokozache-solar-power-station-odessa-region&catid=97:europe#.UMW6coOyAbw
| title = Activ Solar Completes Final Phase Of The Starokozache Solar Power Station, Odessa Region
| work = EQ INTERNATIONAL
| accessdate = 2012-12-11
| archive-url = https://web.archive.org/web/20160303233730/http://eqmaglive.com/index.php?option=com_multicategories&view=article&id=10863:activ-solar-completes-final-phase-of-the-starokozache-solar-power-station-odessa-region&catid=97:europe#.UMW6coOyAbw
| archive-date = 2016-03-03
| url-status = dead
{{cite news
| url = http://www.solarindustrymag.com/e107_plugins/content/content.php?content.10699#.UMW6vIOyAbw
| title = Activ Solar Completes 43 MW Solar Project In Ukraine
| work = Solar Industry
| publisher = Solar Media Limited
| date = 2012-07-10
| accessdate = 2012-12-11}}
File:Dunayskaya solar station 2012.jpg
File:Dunayskaya solar station 2013.jpg
In November 2012, Activ Solar completed the second phase of the 43.14 MW Dunayskaya Solar Power Station. Located in the southern part of Odesa Oblast, it comprises 182,380 multicrystalline photovoltaic modules, 40 inverter stations and around {{convert|645|km}} of cable.
{{cite news
| url = http://www.pv-tech.org/news/activ_solar_completes_43mwp_pv_power_plant_in_ukraine
| title = Activ Solar completes 43MWp PV power plant in Ukraine
| work = PV Tech
| publisher = Solar Media Limited
| first = Mark | last = Osborne
| date = 2012-11-06
| accessdate = 2012-12-11}}
In February 2013, Activ Solar announced the start of commissioning of the 29.3 MW Voznesensk Solar Power Station in Mykolaiv region.
{{cite news
| url = http://about.bnef.com/bnef-news/activ-solar-starts-modules-at-sun-power-plant-in-ukraine/
| title = Activ Solar Starts Modules at Sun Power Plant in Ukraine
| work = Bloomberg
| date = 2013-02-27
| accessdate = 2012-03-19
| archive-url = https://web.archive.org/web/20160303225905/http://about.bnef.com/bnef-news/activ-solar-starts-modules-at-sun-power-plant-in-ukraine/
| archive-date = 2016-03-03
| url-status = dead}}
Voznesensk Solar Power Station consists of 121,176 multicrystalline solar modules and 27 inverter stations installed on a four-row mounting system. The power station's electricity production capacity totals 35,000 megawatt hours per annum.
In April 2013, Activ Solar announced the commissioning of the 43.4 MW Lymanske Solar Power Plant in the south-western part of Odesa Oblast.
{{cite news
| url = http://www.pv-tech.org/news/activ_solar_installs_127.5mw_of_pv_capacity_in_q1_2013
| title = Activ Solar installs 127.5MW of PV capacity in Q1 2013
| work = PV Tech
| publisher = Solar Media Limited
| date = 2013-04-04
| accessdate = 2013-06-19}}
It comprises 181.192 multicrystalline, installed in one row and connected by over 41 inverter stations. The solar plant will generate 59.415 GWh of electricity per annum.
{{cite news
| url = http://www.activsolar.com/products/pv-project-development/project-references
| title = PV PROJECT REFERENCES
| work = Activ Solar official site
| accessdate = 2013-06-19
| archive-url = https://archive.today/20130621172241/http://www.activsolar.com/products/pv-project-development/project-references
| archive-date = 2013-06-21
| url-status = dead
}}
=Research and development=
File:Solar Wing in Le Bourget 2011.JPG
Activ Solar owned a research and development joint-venture with Diamond Aircraft Industries. Diamond Activ Solar exhibited a solar aircraft wing at the Paris Air Show 2011.{{cite news
| url = http://solareview.blogspot.com/2011/07/activ-solar-diamond-aircraft-industries.html
| title = Activ Solar и Diamond Aircraft Industries разработали прототип авиационного крыла со встроенными солнечными батареями
| publisher =
| agency = Interfax-Ukraine
| date = 2011-07-21
| accessdate = 2011-11-28
| trans-title = Activ Solar and Diamond Aircraft Industries developed a prototype aircraft wing with embedded solar panels
| language = Russian
| archive-date = 2012-04-05
| archive-url = https://web.archive.org/web/20120405203533/http://solareview.blogspot.com/2011/07/activ-solar-diamond-aircraft-industries.html
| url-status = dead
}}
Ownership
Activ Solar was controlled by Ukraine's former first deputy prime minister Andriy Klyuyev and his brother Serhiy Klyuyev.
{{cite news
| url = http://www.kyivpost.com/news/nation/detail/104860/
| title = Klyuyev's solar energy companies shine brightly
| newspaper = Kyiv Post
| first = Yuriy | last = Onyshkiv
| date = 2011-05-20
| accessdate = 2011-11-28}}
{{cite news
| url = http://www.kyivpost.com/news/business/bus_focus/detail/77091
| title = Green energy struggles to grow
| newspaper = Kyiv Post
| first = Oksana | last = Faryna
| date = 2010-08-05
| accessdate = 2011-11-28}}
{{cite news
| url = http://www.pravda.com.ua/articles/2010/11/12/5565415/
| script-title=uk:"Україна для людей": 370 мільйонів державної підтримки - для двох донецьких родин
| newspaper = Ukrayinska Pravda
| first = Sergey | last = Leshchenko
| date = 2010-12-11
| accessdate = 2011-11-28
|trans-title="Ukraine for the People": 370 million of state support - for two families from Donetsk
| language = Ukrainian}}
{{cite news
|url= http://en.interfax.com.ua/news/economic/60108.html
|title=NERC to issue solar power generation licenses to three Crimea Solar companies
|agency=Interfax-Ukraine
|date=2011-02-03
|accessdate=2017-06-26}}
{{cite news
| url = http://derstandard.at/1316390231527/Solarpark-aus-Oesterreich-Gruener-Tarif-lockt-Investoren-auf-die-Krim
| title = Grüner Tarif lockt Investoren auf die Krim
| newspaper = Der Standard
| first = Verena | last = Diethelm
| date = 2011-09-22
| accessdate = 2011-11-28
|trans-title=Green tariff attracts investors to the Crimea
| language = German}}
CEO of Activ Solar, Kaveh Ertefai, was Serhiy Klyuyev's son-in-law. Bohdan Klyuyev, son of Andriy Klyuyev, was a business developer manager of Activ Solar LLC (Ukraine).
{{cite news
| url = http://rubenius.com/assets/docs/Bloomberg_New_Energy_Finance_article.pdf
| title = Activ Solar Completes First Large Ukrainian Solar Project
| publisher = Bloomberg
| date = 2011-10-11
| accessdate = 2011-12-03
| archive-url = https://web.archive.org/web/20120426022338/http://rubenius.com/assets/docs/Bloomberg_New_Energy_Finance_article.pdf
| archive-date = 2012-04-26
| url-status = dead
|url = http://www.kommersant.ua/doc/1804818/
|script-title = ru:НКРЭ повысила "зеленые" тарифы на электроэнергию
|newspaper = Kommersant Ukraina
|first = Oleg
|last = Gavrish
|date = 2011-10-28
|accessdate = 2011-12-05
|trans-title = NERC increased "green" electricity tariffs
|language = Russian
|archive-date = 2012-05-24
|archive-url = https://web.archive.org/web/20120524145900/http://www.kommersant.ua/doc/1804818/
|url-status = dead
}} According to Kyiv Post, Klyuyev's companies were registered at the same building where Activ Solar had its representative office in Ukraine.
According to the report by Ukrayinska Pravda, Activ Solar was founded by Slav Beteiligung GmbH, owned by Slav AG, investment firm of by brothers Kluyevs. In late 2008, the ownership was transferred to Kaveh Ertefay. In July 2009, ownership was transferred to P&A Corporate Trust.
{{cite news
| url = http://www.pravda.com.ua/articles/2011/10/21/6693989/
| script-title=uk:Офшорний дах для Януковича та Клюєва
| newspaper = Ukrayinska Pravda
| first = Sergey | last = Leshchenko
| date = 2011-10-21
| accessdate = 2011-11-28
|trans-title=Offshore roof for Yanukovych and Klyuyev
| language = Ukrainian}}
According to a British register, P&A Corporate Trust owns British firm Blythe (Europe) Ltd, which owns 35% of company Tantalit which was the nominal owner of the residence of President Viktor Yanukovych at Mezhyhirya.
{{cite news
| url = http://www.epravda.com.ua/news/2011/11/3/304255/
| script-title=uk:"Сонячна імперія" Клюєва отримала додаткових 20 мегават
| newspaper = Ekonomichna Pravda
| date = 2011-11-03
| accessdate = 2011-11-28
|trans-title=Klyuyev's "Solar Empire" received additional 20 MW
| language =Ukrainian}}
According to the company register, in 2011 Activ Solar was 100% owned by Liechtenstein-registered P&A Corporate Trust.
{{cite news
| url = http://www.wirtschaftsblatt.at/archiv/470946/index.do
| title = Milliarden-Deal in der Ukraine
| newspaper = Wirtschaftsblatt
| date = 2011-05-05
| accessdate = 2011-11-28
|trans-title=Billion deal in Ukraine
| language =German}}
{{cite news
|url=http://www.firmenabc.at/activ-solar-gmbh_EHdS
|title=ACTIV Solar GmbH in Wien
|publisher=Firmen ABC
|accessdate=2011-11-28
|language=German
|url-status=dead
|archiveurl=https://web.archive.org/web/20111205154107/http://www.firmenabc.at/activ-solar-gmbh_EHdS
|archivedate=2011-12-05}}
According to the company, shareholders of the company were European institutional and private investors. According to Johann Harter (COO), all shareholders were Austrian institutional and private investors and there were no Ukrainian private investors or companies associated with Ukraine among the shareholders.
{{cite news
|url=http://www.investgazeta.net/kompanii-i-rynki/jogan-harter-solnce---tozhe-161133
|script-title=ru:Йоган Хартер: Солнце - тоже бизнес
|first=Igor
|last=Goshovskiy
|newspaper=Invest Gazeta
|accessdate=2011-11-29
|trans-title=Johann Harter: Sun - also a business
|language=Russian
|url-status=dead
|archiveurl=https://web.archive.org/web/20120526191041/http://www.investgazeta.net/kompanii-i-rynki/jogan-harter-solnce---tozhe-161133
|archivedate=2012-05-26}}
According to Kave Ertefay, 50% of the shares belonged to investors from Austria and the rest of the EU. Interfax-Ukraina agency reported that controlling stake in Activ Solar belonged to Christian Dries, the owner of Diamond Aircraft Industries, and the rest was owned by the management of the company.
{{cite news
|url=http://www.interfax.com.ua/eng/exclusive/108567/
|title=Exclusive Christian Dries: I have a controlling stake in Activ Solar
|agency=Interfax-Ukraina
|date=2012-06-20
|accessdate=2012-06-20
|url-status=dead
|archiveurl=https://web.archive.org/web/20121001224136/http://www.interfax.com.ua/eng/exclusive/108567/
|archivedate=2012-10-01
}}
At the beginning of 2016, the sole owner of the company was Viennese lawyer Stefan Benesch.
Insolvency
On 1 April 2014, Activ Solar stopped operations of its solar power plants in Crimea due to unclear legal situation after annexation of Crimea by the Russian Federation. While Ukrainian authorities stopped paying feed-in tariff for Crimean solar plants, Crimean and Russian authorities also refused to pay it.
{{cite news
| url = http://www.kyivpost.com/content/ukraine/activ-solar-considers-aksionovs-statement-on-its-crimean-projects-groundless-348024.html
| title = Activ Solar considers Aksionov's statement on its Crimean projects groundless
| newspaper = Kyiv Post
| agency = Interfax-Ukraine
| date = 2014-05-15
| accessdate = 2014-05-16
| url-access = subscription
}}
In spring 2015, the Crimean solar plants were seized by Russian banks to cover the outstanding loans of Activ Solar.
{{cite news
| url = http://www.kommersant.ru/doc/2702566
| title = Крымское солнце закатилось в госбанки. Без зеленого тарифа им долги не вернуть
| newspaper = Kommersant
| first1 = Anastasia | last1 = Fomicheva
| first2 = Natalia | last2 = Skorlygina
| first3 = Vadim | last3 = Nikiforov
| date = 2015-04-06
| accessdate = 2016-02-25
|trans-title=Crimean sun had gone down to the state-owned banks. Without a green tariff they do not return the debt
| language = Russian}}
In November 2015, the China National Building Material Company (CNBM) received a clearance to buy Activ Solar's subsidiary operating ten solar parks located in Mykolaiv and Odesa oblasts.
{{cite news
| url = http://renewables.seenews.com/news/chinas-cnbm-gets-nod-to-buy-activ-solar-parks-in-ukraine-500379
| title = China's CNBM gets nod to buy Activ Solar parks in Ukraine
| first = Tsvetomira | last = Tsanova
| agency = SeeNews
| date = 2015-11-05
| accessdate = 2016-02-16}}
According to the company, it had controlled these power stations since mid-2014 as collateral of its €160 million loan to Activ Solar.
{{cite news
| url = http://nv.ua/publications/razbor-ieroglifov-kitajskaja-goskompanija-pretenduet-na-solnechnye-elektrostantsii-kljuevyh-a-deputaty-urezajut-im-tarif-96294.html
| title = Разбор иероглифов. Китайская госкомпания претендует на солнечные электростанции Клюевых, а депутаты урезают им тариф
| newspaper = Novoye Vremya
| first = Ivan | last = Verstyuk
| date = 2016-02-10
| accessdate = 2016-02-25
|trans-title=Examination of hieroglyphs. Chinese state-owned company applies for solar power stations of Klyuyevs, deputies cut their tariff
| language = Russian}}
CNBM is also interested in buying the Zaporizhzhia Semiconductor Plant.
{{cite news
| url = http://uatoday.tv/politics/the-sunset-of-klyuyev-empire-who-will-take-over-assets-of-disgraced-brothers-589397.html
| title = Sunset of Klyuyev Empire: Who will take over assets of disgraced brothers?
| first = Dmytro | last = Ryasnyi
| agency = Ukraine Today
| date = 2016-02-11
| accessdate = 2016-02-16}}
An investigation had been launched concerning the Ukrainian state credit grant to the Zaporizhzhia Semiconductor Plant in 2010. In October 2015, the Ukrainian court ordered repayment of the €57 million grant. As a result, Activ Solar filed for reorganisation in the Commercial Court of Vienna on 10 February 2016. The company explained this move with challenging market conditions in Ukraine due to the economic and political crisis in the region, which affected production in the Zaporizhzhia Semiconductor Plant.
{{cite press release
| url = http://www.activsolar.com/media/press-releases/activ_solar_files_for_reorganisation_in_austria
| title = Activ Solar files for reorganisation in Austria
| work = Activ Solar official site
| date = 2016-02-10
| accessdate = 2016-02-24
| archive-url = https://web.archive.org/web/20160303234741/http://www.activsolar.com/media/press-releases/activ_solar_files_for_reorganisation_in_austria
| archive-date = 2016-03-03
| url-status = dead
}}
For that time, Activ Solar's debt had amounted €503.4 million while its assets accounted €18.69 million.{{cite news
|url = http://www.be24.at/blog/entry/702109/activ-solar-baut-megainsolvenz-mit-mehr-als-einer-halben-milliarde-verbindlichkeiten
|title = Activ Solar baut Megainsolvenz mit mehr als einer halben Milliarde (!) Verbindlichkeiten
|newspaper = Börse Express
|first = Paul Christian
|last = Jezek
|date = 2016-02-12
|accessdate = 2016-02-25
|trans-title = Activ Solar builds mega bankruptcy with more than half a billion (!) liabilities
|language = German
|archive-url = https://web.archive.org/web/20160213091949/http://www.be24.at/blog/entry/702109/activ-solar-baut-megainsolvenz-mit-mehr-als-einer-halben-milliarde-verbindlichkeiten
|archive-date = 2016-02-13
|url-status = dead
}} The company proposed a two-years restructuring plan with 20% of its debts repayment. Attorney Ute Toifl was appointed as an insolvency administrator.
{{cite news
| url = http://wirtschaftsblatt.at/home/nachrichten/oesterreich/wien/4922719/Megapleite_Activ-Solar-hat-eine-halbe-Milliarde-Euro-Schulden
| title = Megapleite: Activ Solar hat eine halbe Milliarde Euro Schulden
| newspaper = WirtschaftsBlatt
| agency = APA
| date = 2016-02-10
| accessdate = 2016-02-25
|trans-title=Mega bust: Activ Solar has half a billion euros of debt
| language = German}}
Also the Zaporizhzhia Semiconductor Plant went into bankruptcy.