WASHINGTON — The U.S. has Solyndra and other failed solar energy companies, and China will soon have their laundry list of failures.
Reuters says that 3/4 of China’s solar-grade producers of polysilicon, necessary to make solar panels, are facing closure. The overabundance of subsidized and temporarily prosperous companies cannot compete with the likes of Germany’s Wacker Chemie AG and South Korea’s OCI Co. Ltd.
Solyndra never even had a shot after all, it seems. But the mainstream media ignored the story as Barack Obama had once championed solar energy. Now, with it failing in places like China, the clean and green energy dreams have faded into the background.
The main problem is that there was low quality and chronic overcapacity of solar panels as local governments cashed in on this temporary boon to the Chinese economy.
The overall Chinese economy is struggling, scaring investors and economists who fear a redux of Japan 20 years ago.