• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Cpt Lauren Dowsett
  • 5 hours The Most Annoying Person You Have Encountered During Lockdown
  • 15 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 hour Which producers will shut in first?
  • 3 hours Its going to be an oil bloodbath
  • 8 hours Pumping Dollar V Pumping Oil Match
  • 3 hours Marine based energy generation
  • 11 hours The idea that electric cars are lowering demand is ridiculous.
  • 17 hours Why should ANY oil company executive get ANY bonus now?
  • 3 hours How to Create a Pandemic
  • 4 hours Natural gas price to spike when USA is out of the market
  • 4 hours Iran-Turkey gas pipeline goes kaboom. Bad people blamed.
  • 15 hours CDC covid19 coverup?

Breaking News:

IEA: OPEC Can’t Save The Oil Market

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

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

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