• 35 mins Venezuela Officially In Default
  • 3 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 5 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 11 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 16 hours Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 20 hours Rosneft Announces Completion Of World’s Longest Well
  • 22 hours Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 1 day Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 1 day Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 1 day Santos Admits It Rejected $7.2B Takeover Bid
  • 1 day U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 2 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 3 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 3 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 4 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
  • 7 days Kenya Set To Give Local Communities Greater Share Of Oil Revenues
  • 7 days Rosneft, China To Deepen Strategic Cooperation
  • 7 days New York Listing Unlikely For Aramco IPO
  • 7 days China To Invest $83B In U.S. Shale

Breaking News:

Venezuela Officially In Default

Can Russia Break Its Oil Dependence?

Can Russia Break Its Oil Dependence?

Russia’s economic growth is struggling,…

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