Sun sets on Europe’s biggest solar company  

Posted: May 11, 2017 by oldbrew in Big Green
Tags: , ,


Is solar power in terminal decline in Europe, as subsidies and public enthusiasm dwindle?

Germany’s SolarWorld, once Europe’s biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as “the Sun King”.

SolarWorld was one of the few German solar power companies to survive a major crisis at the turn of the decade, caused by a glut in production of panels that led prices to fall and peers to collapse, including Q-Cells, Solon and Conergy.

SolarWorld was forced to restructure and avoided insolvency thanks to a debt-for-equity swap and the support of Qatar, which took a 29 percent stake in the group four years ago through Qatar Solar S.P.C.

A renewed wave of cheap Chinese exports, caused by reduced ambitions in China to expand solar power generation, was too much to bear for the group, which made its last net profit in 2014.

“Due to the ongoing price erosion and the development of the business, the company no longer has a positive going concern prognosis, is therefore over-indebted and thus obliged to file for insolvency proceedings,” SolarWorld said in a statement on Wednesday.

Frankfurt-listed shares in the group last traded down 77 percent at 0.81 euros.

Source: Europe’s Biggest Solar Company Goes Up In Smoke | The Global Warming Policy Forum (GWPF)

Similar story in the USA: Another Solar Company Goes Bankrupt | Daily Caller

  1. Bitter&twisted says:

    Oh dearie me.

    But who is going to pay for this debacle?

  2. Tenuc says:

    I’m surprised it took this long. There never was a good case for solar PV panels at European latitudes from the start. Even with the original high levels of tax payer subsidy this form of generation was not viable once the top of the growth curve had been reached. I’m expecting Elon Musk to go the same way with his ‘solar roof’ scam over the next few years. The economics simply do not add up.

  3. oldbrew says:

    The Qataris seem to have backed a loser.

    Another solar story:
    Congress Asked to Eliminate $270 Million a Year in Solar Subsidies
    Andrew Follett / April 27, 2017

  4. TinyCO2 says:

    The Chinese solar panels are subsidised twice (once in China and once in Europe) and they’re built with cheap coal energy. Ultimnately all types of panels are poor supplies of electricity for the European consumers. None of these facts were hard to predict, so why is it a surprise to European greens, politicians, economists and journalists? Sometimes warmists make you feel like you’re the smartest person who ever lived. It’s not true, it’s just that they’re deliberately dumb.

  5. Edward Hurst says:

    Conergy! Is that short for Con Energy?

  6. Annie says:

    Edward Hurst. My immediate reaction too!