Chinese solar-panel makers are set to follow the lead of Suntech as the industry enters a difficult period of consolidation and “adjustment”, according to a senior industry executive.
After Suntech defaulted on a $541m bond late last week, the Chinese solar sector, which accounts for more than half of the world’s solar panel production, is coming under renewed pressure from the government and investors to cut overcapacity and turn round losses.
“In the past, no companies failed even if there was overcapacity and huge debts,” said Meng Xiangan, deputy head of the China Renewable Energy Society, a Beijing think-tank.
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