“The ongoing price erosion and the development of the business” has left the company “over-indebted and thus obliged to file for insolvency proceedings,” SolarWorld, which is also the largest U.S. solar panel maker, said in a statement.
The filing comes after SolarWorld was forced to lay off employees earlier this year. The company employs around 3,000 people, including 800 in Hillsboro, Oregon, and was one of the few German-based solar companies to survive a recent market downturn.
SolarWorld is only the latest bankrupt solar company to blame the Chinese. U.S.-based Suniva Inc. filed for bankruptcy in April, also citing stiff competition from Chinese solar panel makers.
Suniva even asked the Trump administration to increase tariffs against Chinese solar panel imports. SolarWorld backed the call, saying China has found ways to circumvent current tariffs.
“The case of Suniva dramatically demonstrates that the U.S. solar manufacturing industry still suffers from unfair trade,” Juergen Stein, U.S. president of SolarWorld, said in a statement.
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11 comments:
The fact remains that solar power is not economically viable without government subsidies.
apparently not economical with subsidies
A heavy import tax, plus a limited amount of product allowed to enter the United States, especially coming in from China and other major cheap labor markets would stimulate growth in the American job markets and cut back on feeding the ever greedy hungry pig$ outside of America. "America First" - President Donald Trump
Great Bay Solar is paving 1.5 miles square miles in Somerset County with ZERO decommissioning in place. Wonder who'll pay for the cleanup when it goes belly-up???
Do you think the County Commissioners buddies who collected $$$millions will pay?
Is this another Obama's "Initiative" where government gives away hundreds of millions of Taxpayers Dollars? Remember Solyndra Project? And a small business working man can't get a loan, go figure.
"Great Bay Solar is paving 1.5 miles square miles in Somerset County with ZERO decommissioning in place...."
Great Bay is not stupid. They are leasing the land, not buying it. If they go belly up the landowner is stuck with an unenforceable lease PLUS land that, because of the rusted infrastructure, has a value of less than zero. Great Bay has no intention of selling electricity for the full term of the lease. As soon as the subsidies run out they will file bankruptcy and head for the hills.
It cant be the liberals say it's sustainable and affordable energy.
4:54 PM: Yeah, this was called "burn rate" during Clinton's dot.com boom. You get paid to go thru the motions and never intend to survive beyond investor money.
ALL solar is installed using somebody else's money. I wonder whose money Perdue used? Taxpayer funds from Salisbury? Suckers!
Thanks O'Dummy.
Higher iron tight terrifs are the best solution to American job growth( with justifiable limits on expected profits for example don't run out healthy Chinese competition by way of terrifs to ensure that the only place to buy the product is from a miss managed company with over paid upermanagment or over entitled employees.) Any government regulation in industry is more tricky then even the more intelligent would see at first glance.
Wow is all I have to say!
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