By Tom Hals

WILMINGTON, Del, Feb 5 (Reuters) - Satcon Technology Corp has given up hope of finding a buyer for its bankrupt business, which converts renewable energy for the electrical grid, and instead plans to conduct a piecemeal liquidation, according to court documents.

Since it filed for bankruptcy in October, Satcon has been talking with potential bidders while at the same time negotiating with its lenders for continued breathing room.

Boston-based Satcon did not receive any bids by Friday's deadline that satisfied the company's lender, Silicon Valley Bank, which refused to provide finance beyond Feb. 6, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Delaware.

As a result, the company's board voted on Monday to convert its bankruptcy to a Chapter 7 liquidation.

Under Chapter 7, the bankruptcy court typically appoints a trustee who then decides whether to shut down the operations, and who looks for the best way to sell the assets for the benefit of the creditors.

The company said it had liabilities of $121.9 million when it filed for bankruptcy.

Satcon makes inverters that help feed solar-generated power into the electric grid. The company has been cutting its workforce and trimming its operations, but was unable to withstand the deep downturn in the solar power industry, which has suffered from overcapacity and a steep drop in government subsidies.

Other solar industry casualties have included Solyndra LLC, Evergreen Solar Inc and Abound Solar.

Satcon requested a Wednesday hearing on the motion to convert to a Chapter 7.

Calls and emails to the company's investor relations department and chief financial officer were not immediately returned.

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