Danish Biogas Leader Lundsby Renewable Solutions Files For Bankruptcy
Danish biogas leader Lundsby Renewable Solutions has filed for bankruptcy following heavy losses on a Finnish project, accumulating a 70 million crown deficit.
Lundsby Renewable Solutions, a prominent Danish biogas plant developer, has filed for bankruptcy following severe financial complications tied to a project in Finland. The formal petition was submitted to the District Court in Viborg and registered in the official gazette of the Danish government (Statstidende).
The dramatic move follows a Finnish project that ran into severe financial trouble, generating millions in losses as completion costs far exceeded the budgeted revenues. Bankruptcy trustee Henrik Steen Jensen confirmed that the Finnish venture failed to progress as anticipated.
Lundsby, which employed 87 workers at the close of its last fiscal year, accumulated a cumulative deficit of approximately 70 million Danish crowns (roughly 9.4 million euros) over the past two financial years. Founded in 1995, the group built a total of 52 biogas plants throughout its operational history.