Formerly the world’s largest manufacturer of solar panels, Suntech was pushed into bankruptcy yesterday after defaulting on $541 million in bond payments. The company was a powerful force in China’s renewable energy market; generating 2.4 gigawatts worth of solar modules in 2011 alone, Suntech employs around 10,000 people. But the company has faced a rapid decline as solar panel production in China increased tenfold over the past five years, causing prices to drop by as much as 75 percent. And that’s a small piece of a global problem in the industry—while year-on-year solar demand continues to grow, production capacity has far outstripped that demand, putting Suntech in the company of Solyndra, German Solar Millennium, and a number of other solar manufacturers in Europe and the US have been forced to cut back production, file for bankruptcy protection or shut down altogether.
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Post tags: chinese solar, energy subsidies, german solar, renewable energy, solar bankruptcy, solar industry, Solar market, solar millenium, solar panel, Solar Power, solar tariffs, solyndra, suntech
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