The UK subsidiary of insolvent German distributor Wagner & Co has bought out its German-held stake and re-launched as an independent entity.

The new firm, Wagner Renewables Ltd, will retain the same management and will continue supplying the TRIC mounting system.

Wagner & Co started insolvency proceedings in the German courts in late April 2014, as reported on Solar Power Portal's sister site, PV Tech.

“We operated very independently from Wagner & Co in Germany and started 2014 with an impressive project pipeline with enquiries growing daily after Minister Barker opened up the medium-scale rooftop segment,” said Mark Osborne, managing director, Wagner Renewables. “For us, this is an opportunity to strengthen our autonomy and build on the early growth we have experienced in 2014.

“Wagner Solar UK Ltd occupied a unique position in the Wagner Group as the only subsidiary not wholly owned. The news in Germany is unfortunate for our colleagues and for the industry as a whole. Wagner & Co is one of the pioneering companies in the German solar sector and has played a big role in shaping the industry in Germany,” he added.

The news is symptomatic of the shift in the balance of power of solar in Europe. The UK continues to grow, despite swingeing policy changes, and many firms are looking to Britain to prop up flagging European revenues.