Solar glass manufacturer Borosil Renewables has announced that its step-down German subsidiary, Glasmanufaktur Brandenburg (GMB), has filed for insolvency under the German Insolvency Code before the jurisdictional court in Cottbus.

The company said it filed for insolvency due to the sustained deterioration in the European solar manufacturing ecosystem, with Chinese manufacturers flooding the market with underpriced solar modules. The influx of the cheaper Chinese components led several European module makers to shut down, resulting in a sharp decline in demand for solar glass.

GMB, which has a manufacturing capacity of 350 tons per day (TPD), was supplying solar glass to European manufacturers. Despite providing financial support of €27 million (~$29.43 million) to GMB over time, Borosil Renewables has been incurring monthly losses of €0.9 million (~$981,000). It has ceased accounting for GMB’s losses from July 4, 2025, the date of the insolvency filing.

Borosil’s exposure in its German and step-down subsidiary stood at €35.30 million (~$38.48 million) as of March 31, 2025. The company stated that its upcoming quarterly results will reflect any further financial impact from the insolvency resolution process.

It said its decision to exit its European operations is also aimed at consolidating resources and refocusing management on India, where market conditions, policy frameworks, and long-term growth potential are favorable for scaling operations.

India’s solar module manufacturing capacity is projected to reach 150 GW by March 2027, resulting in a significant increase in domestic demand for solar glass.

In response, Borosil plans to expand its manufacturing capacity by 600 TPD by adding two new furnaces, with an investment of ₹9.5 billion (~$110.47 million). This expansion will increase the company’s total capacity by 60% over its existing 1,000 TPD.

In January this year. Borosil announced a 50% expansion of its solar glass manufacturing capacity from 1,000 to 1,500 TPD.