The company has been incurring heavy losses for the past several years and the company's debts are currently close to €300 million.

According to WinWinD, its efforts in trying to arrange for necessary funding and approval for restructuring process have not been successful. The decision will affect a total of 130 employees from Finland and Sweden.

“We regret that the current international financial uncertainty and the decrease in demand in wind energy sector have made it difficult in recent years to develop the business, increase sales and reach profitability,” the company said in a press release.

“We are particularly sorry to WinWinD’s personnel and their families, customers, suppliers, company's other financiers and stakeholders and would like to inform one and all that as there was no other alternative in sight, the company had to resort to the decision to submit a voluntary bankruptcy petition.”