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Largest German solar company files for bankruptcy

(People's Daily Online)

08:35, July 10, 2013

Germany's largest Photovoltaic company Conergy Group has announced to file for bankruptcy. (File Photo)

Germany’s largest photovoltaic company Conergy Group has announced to file for bankruptcy, according to a report on the website of China’s Ministry of Commerce.

Earlier, Conergy’s peers such as Q-cells, Bosch solar, Sovello, Odersun had announced they would go bankrupt or exit the Photovoltaic industry. According to German daily newspaper Die Welt, Conergy was the flagship company in the country’s Photovoltaic industry, and is one of the few Photovoltaic enterprises still operating in Germany.
Conergy’s bankruptcy may affect China-EU talks about Photovoltaic products as the industry is in a sensitive period. It is notable that China’s MOC should issue the preliminary decision to impose anti-subsidies and anti-dumping duties on polysilicon products from the U.S. and the E.U. on July 4, but it has not been released yet.
Analysts believe that emerging Asian producers and German government’s decision to cancel subsidy to Photovoltaic industry are main causes of the closedown of German companies.

Han Xiaoping, chief information officer of China Energy Resources Net disagrees with the opinion. He thinks the “shale gas revolution” launched by the U.S is a real threat to European Photovoltaic companies. The U.S.’ successful development of shale gas triggered a new wave of shale gas exploration, which made many countries reduce investment on new energy, and capital moved to shale gas related projects. So the change of capital structure caused the bankruptcy of the Photovoltaic companies.
Will Conergy’s move affect the Sino-E.U. negotiation?

"E.U. solar companies’ bankruptcy is a result of economic environment and market circumstance, not Chinese enterprises.” Han said.

Edited and translated by Wang Xin, People's Daily Online.

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