The Germany-based company said in a statement today that due to the photovoltaic module price drops, and subsequent margin squeezes, it can no longer profitably operate the facility, where modules were produced by aleo and China's Sunvim Group Co. Ltd, under the avim brand. Aleo held a 50% stake in the JV.
Production began at the Gaomi facility at the end of 2008. Until now, it has reached a capacity of 90 MW and employed 246 workers. The decision to close the facility down was taken by the board of the joint venture.
"Sustainably cost-effective production is no longer possible at Gaomi due to the price drop, particularly for Chinese modules," stated York zu Putlitz, CEO and CFO of aleo solar. "In the low-price segment, it is no longer possible to achieve adequate margins. aleo solar will supply only the premium segment in the future."
In June, aleo announced it will close its photovoltaic module factory in Santa Maria de Palautordera, Spain, by the end of the year at the latest, thus affecting 92 jobs, due to the current market conditions. At the start of August, the company further lowered its 2012 revenue guidance.
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