Another Red Ink Tsunami from Green Enegy!
John Lillipop | March 21, 2013
By John W. Lillpop
Despite all the ballyhoo and misguided cheering from Barack Obama and other environmental adherents concerning the bright future and promise of Green energy, the fact is that solar energy is rarely viable, even in a Communist nation where corruption and state control over the media can squeeze and squelch the truth from public view.
As reported at the reference:
The world’s largest solar panel maker, China’s Suntech Power, put its Wuxi subsidiary into bankruptcy following poor sales and sanctions on the company, reports CNN Money:The big question: Will the latest solar fiasco cause Obama to reassess his obsession with that energy source? Or is he too filled with pride to admit that his judgment lacks business merit and advantage?
Last week, the company missed a payment on $541 million in debt, and the company’s CEO said he was exploring strategic alternatives. According to state-run news agency Xinhua, the company owes nine creditor banks a total of $1.2 billion. […]
The U.S. Commerce Department announced stiff tariffs on Chinese-made solar panels last year, after finding that Chinese solar cell manufacturers were “dumping” their products on the American market below production costs.
The issue divided the U.S. solar industry, with some manufacturers complaining that Chinese trade practices were driving prices down artificially and smothering U.S. production.
Parent company, Suntech Power, will not file for bankruptcy.
Chinese solar panel manufacturers are not alone in having difficulty staying afloat: American solar company Solyndra failed in 2011. Solyndra filed for bankruptcy two years after receiving a $535 million taxpayer-guaranteed loan.
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