Germany-based solar project developer and independent power producer ENERPARC  has filed a petition with the Hamburg Local Court to open insolvency proceedings. The company said its solar power operations will continue during the proceedings.

The company did not disclose the financial circumstances that led to the insolvency filing, its outstanding liabilities, or details of any potential restructuring plan. It also did not provide a timeline for the court’s decision on opening formal insolvency proceedings.

The court has appointed a provisional insolvency administrator who has begun discussions with ENERPARC’s Executive Board, advisors, and lenders to stabilize the company.

ENERPARC’s sister companies could also file for insolvency, although the company said it was too early to make a definitive assessment.

The company has approximately 5.5 GW of installed solar capacity, of which 3.8 GW is connected to the grid.

The group’s core business centers around developing and operating solar power projects and, marketing electricity.

Over the past 18 years, it has established operations spanning project development, construction, operation, and energy trading. The company is also involved in developing electricity storage infrastructure and substations.

ENERPARC said its revenue base comprises 500 solar parks in Germany and other international markets. Operations at these assets will continue during the insolvency process. It has solar assets in Germany, Spain, France, the Netherlands, India, and Australia.

In March, ENERPARC secured a €1 billion (~$1.16 billion) debt package to support the continued expansion of its solar and battery storage pipeline across the company’s core markets. The financing package, provided by a consortium of three global asset managers and a German state bank, comprised a €500 million (~$581 million) loan. It also included a long-term project financing framework of up to €425 million (~$494 million) with an accordion facility that could increase project financing to €500 million (~$581 million).