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German court kicks off insolvency proceedings for wind park group Prokon
Three months after German wind park group Prokon filed for bankruptcy, a district court has announced the official start of insolvency proceedings. Investors are still hoping to get at least some of their money back.
...snip...
Rude awakening
Prokon had lured investors with aggressive ad campaigns on prime-time television, in buses and commuter trains. Prokon hoped government support of the renewable energy sector combined with low interest rates elsewhere in the market would drive in investors. The company operating 50 wind parks in Germany and neighboring Poland had raised 1.4 billion euros by touting profit participation rights and promises of returns of at least 6 percent annually.
...snip...
The insolvency dealt a blow to thousands of people who had hoped to profit from Germany's shift from nuclear to renewable power, such as wind and solar.
http://www.dw.de/german-court-kicks-off-insolvency-proceedings-for-wind-park-group-prokon/a-17605564
...snip...
Rude awakening
Prokon had lured investors with aggressive ad campaigns on prime-time television, in buses and commuter trains. Prokon hoped government support of the renewable energy sector combined with low interest rates elsewhere in the market would drive in investors. The company operating 50 wind parks in Germany and neighboring Poland had raised 1.4 billion euros by touting profit participation rights and promises of returns of at least 6 percent annually.
...snip...
The insolvency dealt a blow to thousands of people who had hoped to profit from Germany's shift from nuclear to renewable power, such as wind and solar.
http://www.dw.de/german-court-kicks-off-insolvency-proceedings-for-wind-park-group-prokon/a-17605564
