• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 6 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 19 mins Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 8 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 8 hours China's Renewables Boom Hits the Wall
  • 6 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 13 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 17 hours Iran's Master Plan?
  • 15 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 11 hours Does .001 of Atmosphere Control Earth's Climate?!

Breaking News:

Oil Rebounds On Surprise Crude Draw

The World’s Newest Oil Benchmark

The World’s Newest Oil Benchmark

The world’s newest crude oil…

Iran Admits: Tanking Oil Revenue Cripples Country

Iran Admits: Tanking Oil Revenue Cripples Country

Iran's President, Hassan Rouhani, has…

First Solar to Write off $150 Million as it Pulls Out of German Market

On Tuesday the Arizona based First Solar announced that it would stop all production at its German plant in Frankfurt and cut its global workforce by 30 percent, around 2000 workers, as part of a broad restructuring plan to. Mark R Widmar, the CFO of First Solar, said that “we need to resize our business to a level of demand that is highly reliable and predictable. We do not see a business case for continuing manufacturing operations in Germany.”

The global solar market is struggling to adjust to several new realities; lower government subsidies, significant overcapacity of manufacturing around the world, and cheap solar panels from China offering intense competition.

For years Europe was the leading market for solar energy, offering generous subsidies and large demand, especially in Italy and Germany who accounted for over half the global market last year. However this year, with the economic downturn restricting government and corporate budgets industry analysts predict that global capacity will only increase by 10 percent this year, compared to 40 percent growth last year.

The German market has fallen on hard times, with lower government subsidies and reduced demand, so much so that First Solar have decided to pull out. They will return a $30 million government grant, spend up to $55 million on severance payments to its workers, and are willing to write off $150 million in assets.

Elsewhere, SunPower, another leading solar company based in the US, has announced that it will reduce manufacturing in the Philippines, and BrightSource Energy has cancelled its initial public offering due to weak investor demand.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play