Solar Panel Giant in China Files for Bankruptcy
One of the largest suppliers of solar panels has announced it will file bankruptcy in a worldwide consolidation. The main subsidiary of Sun Tech power, one of the key makers of solar panels in the world has announced it will seek bankruptcy protection due to a steep decline in green energy pursuits by governments. The company had just endured rapid expansion from 2008 to 2012. Despite its growth more competition entered the market resulting in a 75% decrease in the cost of solar panels. This type of price deflation has cut into the profitability of the company. It is unclear at this time exactly what type of losses the company has endured.